1. Company Background & Industry Overview
Dr Agarwals Healthcare Limited, founded in 2010, is a leading eye care service provider in India. The company specializes in cataract and refractive surgeries, consultations, and optical product sales.
As of September 30, 2024, Dr. Agarwal’s operates across 14 Indian states, with 28 hubs and 165 spokes. In the six months leading to September 30, 2024, the company served 1.15 million patients and performed 140,787 surgeries. Consequently, it has established a strong presence in the Indian eye care sector.
Industry Overview
India’s eye care market is growing rapidly due to rising awareness, an aging population, and significant medical advancements. The Indian ophthalmology market is expected to expand at a CAGR of 8-10% over the next five years. However, the company faces competition from other renowned hospitals such as Centre for Sight, Vasan Eye Care, and Narayana Nethralaya.
2. IPO Details
| Particulars | Details |
|---|
| IPO Date | January 29, 2025 to January 31, 2025 |
| Listing Date | February 5, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹382 to ₹402 per share |
| Lot Size | 35 Shares |
| Total Issue Size | 7,53,04,970 shares (aggregating up to ₹3,027.26 Cr) |
| Fresh Issue | 74,62,686 shares (aggregating up to ₹300.00 Cr) |
| Offer for Sale (OFS) | 6,78,42,284 shares of ₹1 (aggregating up to ₹2,727.26 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre-Issue | 30,84,17,160 shares |
| Share Holding Post-Issue | 31,58,79,846 shares |
3. Key Timelines
| Event | Date |
|---|
| IPO Open Date | Wednesday, January 29, 2025 |
| IPO Close Date | Friday, January 31, 2025 |
| Basis of Allotment | Monday, February 3, 2025 |
| Initiation of Refunds | Tuesday, February 4, 2025 |
| Credit of Shares to Demat | Tuesday, February 4, 2025 |
| Listing Date | Wednesday, February 5, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5 PM on January 31, 2025 |
4. IPO Reservation
| Category | Shares Offered | Amount (₹ Cr) | Size (%) |
|---|
| Anchor Investor | 2,17,78,798 | 875.51 | 28.92% |
| QIB | 1,45,19,200 | 583.67 | 19.28% |
| NII | 1,08,89,400 | 437.75 | 14.46% |
| – bNII (bids above ₹10L) | 72,59,600 | 291.84 | 9.64% |
| – sNII (bids below ₹10L) | 36,29,800 | 145.92 | 4.82% |
| Retail | 2,54,08,599 | 1,021.43 | 33.74% |
| Employee | 15,79,399 | 63.49 | 2.10% |
| Others | 11,29,574 | 45.41 | 1.50% |
| Total | 7,53,04,970 | 3,027.26 | 100% |
5. Lot Size & Investment Details
| Category | Lots | Shares | Amount (₹) |
|---|
| Retail (Min) | 1 | 35 | ₹14,070 |
| Retail (Max) | 14 | 490 | ₹1,96,980 |
| sNII (Min) | 15 | 525 | ₹2,11,050 |
| sNII (Max) | 71 | 2,485 | ₹9,98,970 |
| bNII (Min) | 72 | 2,520 | ₹10,13,040 |
6. Financial Information
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|
| Assets (₹ Cr) | 3,393.41 | 2,752.82 | 1,825.17 | 1,026.13 |
| Revenue (₹ Cr) | 837.94 | 1,376.45 | 1,031.49 | 713.78 |
| Profit After Tax (₹ Cr) | 39.56 | 95.05 | 103.23 | 43.16 |
| Net Worth (₹ Cr) | 1,502.67 | 1,337.68 | 627.83 | 212.34 |
| Reserves & Surplus (₹ Cr) | 1,509.11 | 1,365.86 | 652.63 | 236.27 |
| Total Borrowing (₹ Cr) | 373.68 | 387.79 | 356.18 | 290.18 |
7. Key Valuation Metrics (Pre-IPO)
| KPI | Values |
|---|
| ROE (Return on Equity) | 9.33% |
| ROCE (Return on Capital Employed) | 14.61% |
| EPS (₹) | 3.08 |
| PAT Margin | 6.90% |
| Price to Book Value | 7.96 |
8. Subscription Details
| Category | Subscription (times) | Shares Offered | Shares Bid For |
|---|
| QIB | 4.41 | 1,45,19,200 | 6,40,02,575 |
| NII | 0.39 | 1,08,89,400 | 42,75,705 |
| – bNII (bids above ₹10L) | 0.29 | 72,59,600 | 21,19,880 |
| – sNII (bids below ₹10L) | 0.54 | 36,29,800 | 19,54,820 |
| Retail | 0.42 | 2,54,08,599 | 1,05,59,535 |
| Employee | 0.26 | 15,79,399 | 4,18,110 |
| Others | 0.51 | 11,29,574 | 5,74,210 |
| Total | 1.49 | 5,35,26,172 | 7,98,30,135 |
9. Contact Details
Company Details
Dr. Agarwal’s Health Care Limited
37, Cathedral Road, Chennai, Tamil Nadu – 600086, India
📞 Phone: +91 44-2811 2811
📧 Email: info@dragarwal.com
🌐 Website: www.dragarwal.com
Registrar Details
KFin Technologies Limited
Selenium, Tower B, Plot No. 31 & 32, Financial District, Hyderabad, Telangana – 500032, India
📞 Phone: +91 40-6716 2222
📧 Email: einward.ris@kfintech.com
🌐 Website: www.kfintech.com
10. Objectives of the IPO
- Expansion & Infrastructure Development: Open new centers in key cities.
- Debt Repayment: Reduce the company’s outstanding borrowings.
- Technology Upgrades: Improve eye care services with advanced medical equipment.
- General Corporate Purposes: Strengthen working capital and operational expenses.
11. FAQs
- What is the price band for Dr Agarwals Healthcare IPO?
The price band ranges from ₹382 to ₹402 per share. - What is the minimum investment required?
Retail investors need to invest a minimum of ₹14,070 (35 shares). - When will the IPO allotment be finalized?
The company will finalize the allotment on February 3, 2025. - How will the IPO shares be credited?
Investors will receive the shares in their Demat accounts on February 4, 2025. - What is the listing date?
The IPO will list on February 5, 2025, on BSE and NSE. - How to apply for the Dr Agarwals Healthcare IPO?
Investors can apply via ASBA through banks or through broker platforms like Angel One.
12. Listing Day Performance
| IPO Name | Subscription Status | IPO Price | Listing Date | Open | High | Low | Close | Gain (%) |
|---|
| Dr Agarwals Healthcare IPO | 1.49 | ₹382-₹402 | February 5, 2025 | 402.00 | 412.90 | 370.20 | 401.65 | -0.09 |
