Eye care services provider Dr Agarwal Health Care has raised INR 875.50 crore from anchor investors ahead of its highly anticipated initial public offering (IPO), which is set to open for public subscription on 29 January 2025.
According to a regulatory filing, the company allocated 2,17,78,798 equity shares at INR 402 per share to anchor investors on 28 January 2025.
Dr Agarwal Health Care Anchor Investors Allocation
The IPO’s anchor book witnessed strong demand from both foreign and domestic institutional investors, with notable participants including:
- Government of Singapore
- Monetary Authority of Singapore
- Government Pension Fund Global
- Invesco India Midcap Fund
- Fidelity
- The Nomura Trust
- HSBC Global Investment Fund
- Goldman Sachs (Singapore) PTE. – ODI
- Tiger Pacific Master Fund
- Morgan Stanley Asia
- Malabar India
- Edelweiss Mutual Fund
- LIC Mutual Fund
- Axis Max Life
- Aditya Birla Life
In total, 52,61,060 equity shares were allocated to six domestic mutual funds through 11 schemes, constituting 24.16% of the total anchor book size.
IPO Structure and Financial Details
The IPO will comprise:
- Fresh issue of equity shares worth INR 300 crore
- Offer for sale (OFS) of 67,842,284 shares (INR 2,727.26 crore) by promoters, investors, and other selling shareholders
The issue includes an employee reservation of 1,579,399 shares and a shareholder reservation of 1,129,574 shares.
The price band for the IPO is set at INR 382 – 402 per equity share, with the total issue size estimated at INR 3,027.26 crore at the upper end of the price band. Investors can bid for a minimum of 35 equity shares, with subsequent bids in multiples of 35 shares.
IPO Timeline and Allocation
- Opening Date: Wednesday, 29 January 2025
- Closing Date: Friday, 31 January 2025
- Listing: The company is expected to list on the stock exchanges after the final allocation.
The IPO follows the book-building process, with allocations as follows:
- 50% reserved for Qualified Institutional Buyers (QIBs)
- 15% reserved for Non-Institutional Investors (NIIs)
- 35% reserved for Retail Investors
Lead Managers and Registrar
The IPO is managed by Kotak Mahindra Capital Company, Morgan Stanley India Company, Jefferies India, and Motilal Oswal Investment Advisors. KFin Technologies is the registrar for the issue.
Company Profile and Growth Plans
Founded in 1957, Dr. Agarwal Health Care is one of India’s largest eye care chains, offering specialized treatments such as cataract surgery, refractive procedures, laser treatments, and advanced retinal care. The company has a strong presence in South India, with expansion into Western regions.
For FY 2024, the company reported:
- Revenue: INR 1,332.15 crore
- Profit After Tax: INR 83.06 crore
The funds raised from the fresh issue will be utilized for debt repayment, general corporate purposes, and strategic acquisitions to expand its nationwide footprint.
With a growing healthcare sector and rising demand for specialized eye care services, industry analysts view Dr Agarwal Health Care as a promising investment in the IPO market of 2025.
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