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Dr Agarwal’s Health Care IPO offers shares at Rs 382-402, with proceeds for debt repayment and expansion

Dr Agarwal’s Health Care IPO offers shares at Rs 382-402, with proceeds for debt repayment and expansion


Dr Agarwal’s Health Care’s price band has been fixed in the range ₹382-402 per share  for its forthcoming initial public offer, the subscription for which will be open between January 29-31. The total offer size is around ₹3,025 crore at the upper end of the price band.

The IPO is a mix of fresh issue of up to ₹300 crore and an offer of sale up to 6.78 crore shares by promoters, investors, and other selling shareholders. The proceeds from its fresh issuance to the extent of ₹195 crore will be utilised for repayment or prepayment in part or full of its borrowings, the remaining for acquisitions and general corporate purposes. 

Apart from the promoters, the other selling shareholders are Hyperion Investments Pte (entity of TPG Capital), Claymore Investments (Mauritius) and Arvon Investments Pte, which are wholly-owned subsidiaries of Temasek Holdings. 

Investors can bid a minimum lot of 35 shares and in multiples of 35 shares thereafter. 

The company 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 per cent of the total eye care service chain market in India as of FY24. 

As of September 30, 2024, the Company operated 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. The company operates through a hub-and-spoke and asset light operating model. According to the CRISIL MI&A Report, it has a diversified presence, with 70 facilities located in tier-I cities and 123 facilities in other cities across India.





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