Dr Agarwals Healthcare IPO

Dr. Agarwal’s Healthcare Limited offers a comprehensive range of eye care services, including cataract, refractive, and other surgeries, along with consultations, diagnoses, and non-surgical treatments. The company also provides opticals, contact lenses, accessories, and eye care-related pharmaceutical products. In the Financial Year 2024, it held approximately 25% market share in India’s eye care service chain market (Source: CRISIL MI&A Report). With a long-standing operational history, it addresses patients’ needs through a network of 180 facilities as of March 31, 2024, the highest among peers in India.

IPO Strengths

• India’s leading provider of trusted eye care services.

• Offering comprehensive, end-to-end eye care solutions.

• Scalable, asset-light model with a hub-and-spoke approach.

• Strong clinical board and a legacy of surgical innovations drive clinical excellence.

• Led by doctor-promoters and a skilled medical team, supported by an experienced management team.

• Demonstrated success in achieving organic growth, integrating acquisitions, and enhancing operational profitability.

Dr. Agarwal’s Healthcare IPO Key Financials (in ₹ million)

Particulars	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	27,528.16	18,251.74	10,261.34
Revenue	13,321.52	10,179.80	6960.78
Profit After Tax	950.51	1032.30	431.64
Reserves and Surplus	13,300.48	6216.31	2055.17
Total Borrowings	3877.87	3561.77	2901.80

Dr. Agarwal’s Healthcare Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	Fresh Issue: 74,62,686 shares (aggregating up to ₹ 300.00 Cr) Offer for Sale: 6,78,42,284 shares (aggregating up to ₹2,727.26 Cr)
Price Range	₹382 to ₹405 per share
Lot Size	35 Shares
Face Value	₹1 per share
Listing Exchange	NSE, BSE
Pre-IPO Shareholding	30,84,17,160 shares
Post-IPO Shareholding	31,58,79,846 shares

Dr. Agarwal’s Healthcare IPO Important Dates

IPO Activity	Date
IPO Open Date	29 January 2025
IPO Close Date	31 January 2025
Basis of Allotment	3 February 2025
Refunds Initiation	4 February 2025
Credit of Shares to Demat	4 February 2025
Listing Date	5 February 2025

Dr. Agarwal’s Healthcare IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	1	35	₹14,070
Retail (Max)	14	490	₹1,96,980
S-HNI (Min)	15	525	₹2,11,050
S-HNI (Max)	71	2485	₹9,98,970
B-HNI (Min)	72	2520	₹10,13,040

Dr. Agarwal’s Healthcare IPO Lead Managers

Lead Managers

Kotak Mahindra Capital Company Limited

Morgan Stanley India Company Private Limited

Jefferies India Private Limited

Motilal Oswal Investment Advisors Limited

Dr. Agarwal’s Healthcare Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	3.14
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	6.21%
Net Asset Value (NAV)	50.53
Return on Equity	9.33%
Return on Capital Employed (ROCE)	14.61%
EBITDA Margin	29.54%
PAT Margin	7.14%
Debt to Equity Ratio	0.27

Dr. Agarwal’s Healthcare IPO Peer Group Comparison

Name of the Company	Revenue (₹ in Millions)	Face Value (₹ per Share)	P/E Ratio	Basic EPS (₹)	RoNW (%)	NAV (₹)
Dr. Agarwal’s Health Care Limited	13,321.52	1	–	3.14	6.21%	50.53
Listed Peers
Apollo Hospitals Enterprise Limited	190,592.00	5	113.47	62.50	12.97%	481.93
Max Healthcare Institute Limited	68,490.00	10	98.56	10.89	12.58%	86.54
Fortis Healthcare Limited	68,929.20	10	76.33	7.93	7.82%	101.48
Global Health Limited	32,751.11	2	62.32	17.80	16.46%	108.17
Narayana Hrudayalaya Limited	50,182.49	10	32.04	38.86	27.37%	141.98
Krishna Institute Of Medical Sciences Limited	24,981.44	10	14.13	38.75	16.96%	228.47
Aster DM Healthcare Limited	36,989.00	10	162.10	2.60	3.63%	71.62
Rainbow Children’s Medicare Limited	12,969.00	10	64.46	21.38	17.24%	124.03

Objectives of the Proceeds

• Repayment/prepayment, in part or full, of certain of borrowings ₹1,950.00 million

• To meet general corporate expenses