The company’s IPO, a mix of fresh issue of up to Rs 300 crore and an offer of sale up to 67,842,284 equity shares, opens on Jan 29, 2025
MUMBAI, Jan 28 (The CONNECT) – Dr. Agarwal’s Health Care today garnered Rs. 875.50 crores from anchor investors ahead of its initial public offering that opens for public subscription tomorrow. The company informed the bourses that it allocated 2,17,78,798 equity shares at Rs. 402 per share to anchor investors.
Foreign and Domestic Institutions who participated in the anchor included Government of Singapore, Monetary Authority of Singapore, Government Pension Fund global, Invesco India Midcap Fund, Fidelity, The Nomura Trust, Ashoka Whiteoak MF, Motilal Oswal Small Cap Fund, Canara Robeco MF, VQ Fastercap Fund, The Prudential Assurance Co, HSBC Global Investment Fund, 360 One Equity Opportunity Fund, Goldman Sachs (Singapore) PTE. – ODI, Tiger Pacific Master Fund, Malabar India, Morgan Stanley Asia, Liontrust Investment Funds, Morgan Stanley Asia. Tata MF, Edelweiss MF, LIC MF, Axis Max Life, Aditya Birla Life, Edelweiss Life Insurance.
Out of the total allocation of 2,17,78,798 equity shares to the anchor investors, 52,61,060 equity shares were allocated to 6 domestic mutual funds through a total of 11 schemes, i.e. 24.16% of the Total Anchor Book Size.
Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue.
IPO Details
The IPO is a mix of fresh issue of up to Rs 300 crore and an offer of sale up to 67,842,284 equity shares by Promoters, Investors, and Other Selling Shareholders. The issue has an employee reservation portion of up to 1,579,399 equity shares and shareholders reservation of up to 1,129,574 equity shares.
The Company is proposing to open its initial public offering of Equity Shares (the “Offer”) on Wednesday, January 29, 2024, and closes on Friday, January 31, 2024. The price band for the Offer has been determined at Rs 382 – Rs 402 per equity share.
The IPO will fetch Rs 3027.26 crore at the upper end of the price band.
Investors can bid for a minimum of 35 equity shares and in multiples of 35 equity shares thereafter.
The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional investors, and not less than 35% of the offer shall be available for allocation to retail individual portion.
Dr. Agarwal’s Health Care, provides end-to-end comprehensive eye care services, including cataract, refractive and other surgeries; consultations, diagnoses and non-surgical treatments; and sells opticals, contact lenses and accessories, and eye care related pharmaceutical products through its network of 209 Facilities as of September 30, 2024. According to a CRISIL MI&A Report cited in its red herring prospectus, the company held about 25% of the total eye care service chain market in India as of FY2024.
The comoany operates 193 facilities in India across 117 metro and non-metro cities spanning 14 states and four union territories, along with 16 facilities spread across nine countries in Africa. It operates through a hub-and-spoke and asset light operating model.
According to the CRISIL MI&A Report, the Company has a diversified presence, with 70 facilities located in Tier-I cities and 123 facilities in other cities across India.
Dr. Agarwal’s Health Care, under the aegis of its Chairman, Dr. Amar Agarwal, who has over 35 years of clinical experience in the eye care services industry, has pioneered multiple surgical innovations in ophthalmology and has published several papers in reputed scientific journals globally. Some key surgical capabilities of Dr. Agarwal’s Health Care include intraocular lens procedures, cornea transplantation, pinhole pupilloplasty, single pass four-throw pupilloplasty and LASIK surgeries.
