Four years ago, Cloudnine Group of Hospitals couldn’t convince investors that it was ready to go public. Today, four of the world’s well-known private-equity firms are in a bidding war for a seat on its cap table.

TPG Newquest, Advent International, CVC Capital Partners, and Permira are reportedly conducting due diligence on the maternity and childcare chain, which is currently valued at over Rs 11,000 crore. That’s much higher than the Rs 4,000 crore it was estimated to be valued at during its last IPO attempt.

A lot has changed since.

The two-decade-old chain has........

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