(L-R) Dr. Amar Agarwal, Chairperson and Non-Executive Director & Dr. Adil Agarwal, Whole-time Director & CEO, Dr. Agarwal’s Healthcare Limited at their IPO Announcement, Mumbai
Dr. Amar Agarwal, Chairperson and Non-Executive Director, Dr. Agarwal’s Healthcare Limited addressing the Media at their IPO Announcement, Mumbai
(L-R) Dr. Ashar Agarwal, Chief Business Officer, Dr. Anosh Agarwal, Chief Operating Officer, Dr. Amar Agarwal, Chairperson and Non-Executive Director, Dr. Adil Agarwal, Whole-time Director & CEO, and Dr. Ashvin Agarwal, Chief Clinical Officer, Dr. Agarwal’s Healthcare Limited’s Sons at their IPO Announcement, Mumbai
MUMBAI, SACHIN MURDESHWAR: Eye care services provider Dr. Agarwal’s Health Care Limited, the parent company of the listed entity Dr Agarwals Eye Hospital, will open its Rs 3,027-crore initial public offering for subscription on January 29. The price band for the offer set at Rs 382-402 per share.
The anchor book of the IPO will be opened a day before the issue opening, i.e. January 28.
The Dr Agarwal’s Health Care IPO, which is valued at Rs 12,698.4 crore, is a combination of fresh issuance of equity shares worth Rs 300 crore, and an offer-for-sale of 6.78 crore shares worth Rs 2,727.3 crore by the existing shareholders.
Apart from promoters, Arvon Investments Pte and Claymore Investments Mauritius Pte (which are owned by private equity firm Temasek Holdings), and Hyperion Investments Pte (owned by US private equity firm TPG) will also be the selling shareholders in the offer-for-sale.
Promoters own 37.73 percent stake in the company, and the remainder shares are held by public shareholders including Arvon Investments Pte (12.44 percent stake), Claymore Investments Mauritius Pte (15.71 percent), and Hyperion Investments Pte (33.70 percent).
Dr Agarwal’s Health Care had a market share of approximately 25 percent of the total eye care service chain market in India in FY24. It operates business through a network of 209 facilities, which were the largest network among the listed and unlisted peers.
The firm intends to utilise Rs 195 crore out of net fresh issue proceeds for repaying its debt (which were at Rs 360.5 crore as of December 2024). Further the remainder funds will be used for general corporate purposes and unidentified inorganic acquisition.The company is managed by Dr. Amar Agarwal, Chairperson and Non-Executive Director; Dr. Adil Agarwal, Whole-time Director & Chief Executive Officer; Mr. Yashwanth Venkat, Chief Financial Officer
On the financials front, the Chennai-based company has recorded profit at Rs 95 crore for the fiscal 2024, falling 7.9 percent compared to previous year (as it had tax expenses of Rs 45.5 crore against tax credit of Rs 19.6 crore during the same period). Revenue in the financial year ended March 2024 was at Rs 1,332.2 crore, rising 30.86 percent over the previous fiscal.
Profit in the six months period ended September 2024 increased by 27 percent to Rs 39.6 crore and revenue grew by 26 percent to Rs 820 crore compared to corresponding period last fiscal.
The company in consultation with merchant bankers and Book Running Lead Managers (BRLMs)- Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited – will finalise IPO share allotment by February 3, while the trading in its equity shares will commence on the BSE and NSE, effective February 5.
Dr. Agarwal’s Health Care Limited provides a comprehensive range of eye care services, including cataract, refractive and other surgeries; consultations, diagnoses and non-surgical treatments; and sell opticals, contact lenses and accessories, and eye care related pharmaceutical products. It is the second offering by the company as its material subsidiary, Dr. Agarwal’s Eye Hospital Limited, is listed on the BSE Limited.
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