Dr Agarwal's Health Care IPO to open on Jan 29; sets price band at Rs 382-402/share
The firm's maiden public issue will be open for subscription from January 29 to January 31. The bidding for anchor investors will open for a day on January 28.
Temasek Holdings and TPG-backed Dr Agarwal's Health Care, an eye care services provider, on Friday, said it has fixed a price band of Rs 382 to Rs 402 per share for its over Rs 3,027-crore initial public offering (IPO).
The firm's maiden public issue will be open for subscription from January 29 to January 31. The bidding for anchor investors will open for a day on January 28, the company announced.
The IPO is a combination of a fresh issue of up to Rs 300 crore and an Offer For Sale (OFS) of up to 6.78 crore equity shares worth Rs 2,727.26 crore by promoters and other selling shareholders at the upper end of the price band. This aggregates the total issue size to Rs 3,027.26 crore.
The offer also includes a subscription for eligible employees.
Those selling shares in the OFS include Arvon Investments Pte. Ltd, Claymore Investments (Mauritius) Pte. Ltd, and Hyperion Investments Pte. Ltd.
Proceeds from the fresh issue to the tune of Rs 195 crore will be used for payment of debt and besides, a portion will be used for general corporate purposes, and unidentified inorganic acquisition.
Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for non-institutional investors and the remaining 15 per cent for retail investors.
Dr Agarwal's Health Care offers a wide array of services, including cataract, refractive, and other surgeries, consultations, diagnosis, non-surgical treatments, and the sale of optical products, contact lenses, accessories, and eye care-related pharmaceutical items.
As of September 2024, its network consisted of 193 facilities with a majority concentration in South India, particularly Chennai, Hyderabad and Bengaluru, followed by Western India.
On the financial front, Dr Agarwal's Health Care revenue from operations was Rs 1,332.15 crore in the fiscal 2024 and profit after tax stood at Rs 95.05 crore.
Kotak Mahindra Capital Company, Morgan Stanley India Company, Jefferies India and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
Edited by Jyoti Narayan
