Dr. Agarwal's Health Care Limited Set to Make Public Debut with Initial Public Offering (IPO)

New Delhi: Dr. Agarwal's Health Care Limited, the leading eye care services provider backed by TPG and Temase, is set to list its shares on the stock exchanges following its initial public offering (IPO). The IPO will open for subscription from January 29 to January 31, while the anchor book portion will be open a day earlier, starting January 28.

The price band has been fixed between ₹382 to ₹402 per equity share of face value one each for the company's maiden IPO. Investors can bid for a minimum of 35 shares and in multiples thereof. The IPO will receive investments worth ₹300 crore from fresh issue of equity shares by the company, apart from an offer-for-sale of 6.95 crore equity shares by promoters and investors.

The funds received by the company have been allocated accordingly - ₹195 crore will be utilized for repaying debt and remaining amount would be used for general corporate purposes and inorganic growth.

Established over two decades ago, Dr. Agarwal's Health Care is a leading eye care services provider with 165 facilities across India and globally. The Tamil Nadu-based company provides cataract, refractive, and other surgeries apart from selling opticals, contact lenses and accessories, as well as pharmaceutical products.

According to the draft papers of the company, the Indian eye care industry has seen significant growth in recent years - it is projected to grow at a CAGR of 12-14% from FY24 to FY28. The size of the industry was approximately ₹37,800 crore last fiscal year and is expected to reach ₹55,000-65,000 crore.

Several top investment banking firms have been appointed to manage the IPO, including Kotak Mahindra Capital Company Ltd, Morgan Stanley India Company Pvt Ltd, Jefferies India Private Ltd, and Motilal Oswal Investment Advisors Ltd. The registrar for the issue is Kfin Technologies Limited.

The company expects to finalize the allotment of its shares on February 3 while listing its shares on BSE, NSE with a tentative date fixed as February 5, 2025.