The initial public offering (IPO) of Dr. Agarwal’s Health Care Limited, the top eye care services provider backed by TPG and Temase, will open for subscription on January 29, and will close on January 31. The anchor book portion will open a day ahead on January 28.

The price band has been fixed between ₹382 to ₹402 per equity share of face value ₹1 each for its maiden initial public offer. Investors can bid for a minimum of 35 shares and in multiples thereof.

The IPO is a mix of fresh issue of equity shares worth ₹300 crore by the company, and an offer-for-sale of 6.95 crore equity shares by promoters and investors.

Dr Agarwal’s Healthcare will utilise ₹195 crore out of the net fresh issue proceeds for repaying its debt, and the remaining funds for general corporate purposes and inorganic growth as per the draft papers.
Dr. Agarwal’s Health Care held a 71.9% stake in subsidiary Dr Agarwal’s Eye Hospital that was incorporated back in 1994. Dr. Agarwal’s Health Care is the parent of listed company Dr Agarwal’s Eye Hospital.

With 165 facilities in India and 15 globally (including 9 in Africa), the Tamil Nadu-based company provides eye care services including cataract, refractive, and other surgeries as well as sells opticals, contact lenses and accessories, and eye care-related pharmaceutical products. It had a market share of approximately 25 percent of the total eye care service chain market in India during the fiscal 2024.

As of September 30, 2024, there were 737 doctors providing care to patients across the company’s facilities. During this period, the company served 2.13 million patients and performed 220,523 surgeries. In the six months leading up to September 30, 2024, they served 1.15 million patients and conducted 140,787 surgeries.

The Indian eye care industry is projected to grow at a CAGR of 12-14% from FY24 to FY28. The size of the Indian eye care services industry was approximately ₹37,800 crore in fiscal 2024 and is projected to grow to ₹55,000-65,000 crore by FY28, as per the draft papers of Dr Agarwal’s Healthcare.

Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Jefferies India Private Ltd, Motilal Oswal Investment Advisors Ltd are the book running lead managers of the Dr Agarwals Healthcare IPO, while Kfin Technologies Ltd is the registrar for the issue.

The allotment for the Dr Agarwals Healthcare IPO is expected to be finalised on February 3, while the company will list on BSE, NSE with tentative listing date fixed as February 5, 2025.