Dr.Agarwal's Health Care IPO
Bookbuilding IPO | ₹3,027.00 Cr | Listing at BSE, NSE
IPO Open
Wed, Jan 29, 2025
IPO Close
Fri, Jan 31, 2025
Price Band
₹382.00 to ₹402.00
Market Cap (Pre-IPO)
₹12,698.37 Cr
IPO Details
| IPO Date | Jan 29, 2025 to Jan 31, 2025 |
| Listing Date | Tentative: Feb 04, 2025 |
| Face Value | ₹1.00 per share |
| Price Band | ₹382.00 to ₹402.00 |
| Lot Size | 35 Shares (Minimum: ₹14,070.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹3,027.00 Crores |
| Total Shares Offered | 75,304,970 shares |
| Fresh Issue | 7,462,686 shares |
| Offer For Sale | 67,842,284 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 4.41x |
| NII | 0.39x |
| RII | 0.42x |
| Total | 1.49x |
Dr.Agarwal's Health Care IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 3,62,97,998 (48.20%) |
| Retail Shares Offered | 2,54,08,599 (33.74%) |
| NII Shares Offered | 1,08,89,400 (14.46%) |
Dr.Agarwal's Health Care IPO Lot Size
Investors can bid for a minimum of 35 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 35 | ₹14,070 |
| Retail (Max) | 14 | 490 | ₹196,980 |
| S-HNI (Min) | 15 | 525 | ₹211,050 |
| S-HNI (Max) | 71 | 2,485 | ₹998,970 |
| B-HNI (Min) | 72 | 2,520 | ₹1,013,040 |
Dr.Agarwal's Health Care Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 3,393.41 | 2,752.82 | 1,825.17 | 1,026.13 |
| Total Income | 837.94 | 1,376.45 | 1,031.49 | 713.78 |
| Profit After Tax | 39.56 | 95.05 | 103.23 | 43.16 |
| EBITDA | 0.00 | 0.00 | 0.00 | 0.00 |
| NET Worth | 1,502.67 | 1,337.68 | 627.83 | 212.34 |
| Reserves and Surplus | 1,509.11 | 1,365.86 | 652.63 | 236.27 |
| Total Borrowing | 373.68 | 387.79 | 356.18 | 290.18 |
Amount in ₹ Cr
Key Performance Indicators
As of Sunday, March 31, 2024| KPI | Values |
|---|---|
| ROE (Return on Equity) | 9.33% |
| ROCE (Return on Capital Employed) | 14.61% |
| Debt/Equity | 0.00 |
| RoNW (Return on Net Worth) | 6.21% |
| PAT Margin (Profit After Tax Margin) | 6.90% |
| EBITDA Margin | 0.00% |
| Price to Book Value | 7.96 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 3.08 | 2.51 |
| P/E (x) | 130.44 | 160.48 |
| Promoter Holding | 37.72% | 32.50% |
Company Promoters
- The Promoters of the Company are Dr. Amar Agarwal
- Dr. Athiya Agarwal
- Dr Adil Agarwal
- Dr. Anosh Agarwal
- Dr Ashvin Agarwal
- Dr. Ashar Agarwal
- Dr. Amar Agarwal Family Trust
- Dr Adil Agarwal Family Trust
- Dr. Anosh Agarwal Family Trust
- Dr Ashvin Agarwal Family Trust
- Dr. Ashar Agarwal Family Trust
- Dr Agarwal’s Eye Institute and Dr Agarwal's Eye Institute Private Limited
Company Overview
Incorporated in 2010, Dr. Agarwal's Health Care Limited offers a comprehensive range of eye care services, including cataract and refractive surgeries, consultations, diagnoses, non-surgical treatments, and the sale of optical products, contact lenses, accessories, and eye care-related pharmaceutical items.
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 Services provided by the company are:-
Cataract surgeries Offer cataract surgical treatments at its Facilities, such as small incision cataract surgery, phacoemulsification, robotic cataract surgery and glued intraocular lens treatments;
Refractive surgeries: Refractive surgeries are procedures that correct eye refractive errors, helping individuals reduce or eliminate their need for glasses and contact lenses. The main types include LASIK, SMILE, implantable collamer lenses, and photorefractive keratectomy (PRK).
Other surgeries: Offer a range of other surgical treatments for eye ailments, such as surgical retinal treatments, corneal transplantation and pinhole pupilloplasty, oculoplasty and surgeries for the treatment of glaucoma and pterygium.
As of September 30, 2024, the company's Indian network has 28 hubs (Tertiary Facilities, including three COEs) and 165 spokes (53 Primary and 112 Secondary Facilities).
As of September 30, 2024, the company has a presence in India across 117 metro and non-metro cities spanning 14 states and four union territories through 193 Facilities.
Company Strengths
- Largest eye care services provider in India with a trusted brand
- End-to-end, comprehensive eye care services offering
- Scalable, asset-light, hub-and-spoke operating model
- Proven clinical excellence is driven by a strong clinical board and a history of surgical innovations.
- Doctor-promoters leading a team of qualified medical professionals and supported by experienced management
- Proven track record of delivering organic growth, integrating and scaling acquisitions and improving operating profitability
Use of Proceeds
| 1) | Repayment/prepayment, in part or full, of certain of the borrowings | 195.00 |
| 2) | General corporate purposes and unidentified inorganic acquisition | 77.47 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Dr.Agarwal's Health Care IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Dr. Agarwal's Health Care Limited | 3.14 | 3.13 | 50.53 | 130.44 | 6.21 | 8.04 | Consolidated |
| Apollo Hospitals Enterprise Ltd. | 62.50 | 62.50 | 481.93 | 107.11 | 62.50 | 13.20 | Consolidated |
| Max Healthcare Institute Limited | 10.89 | 10.84 | 86.54 | 95.88 | 12.58 | 9.52 | Consolidated |
| Fortis Healthcare Ltd. | 7.93 | 7.93 | 101.48 | 82.11 | 7.82 | 4.16 | Consolidated |
| Global Health Limited | 17.80 | 17.80 | 108.17 | 57.49 | 16.46 | 12.23 | Consolidated |
| Narayana Hrudayalaya Ltd | 38.86 | 38.86 | 141.98 | 33.14 | 27.37 | 5.33 | Consolidated |
| Krishna Institute of Medical Sciences Limited | 7.75 | 7.75 | 228.47 | 79.79 | 16.96 | 9.03 | Consolidated |
| Aster Dm Healthcare Ltd | 3.60 | 3.60 | 71.62 | 136.07 | 3.63 | 5.76 | Consolidated |
| Rainbow Children's Medicare Limited | 21.38 | 21.38 | 124.03 | 67.90 | 17.24 | 10.46 | Consolidated |
Quick Info
| Sector | Healthcare Services |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹12,698.37 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Jan 29, 2025 |
| IPO Close | Jan 31, 2025 |
| Allotment Date | Feb 03, 2025 |
| Credit to Demat | Feb 04, 2025 |
| Listing Date | Tentative: Feb 04, 2025 |
Lead Manager(s)
Kotak Mahindra Capital Co.Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- Dr.Agarwal's Health Care IPO is a book build issue of ₹3,027.26 crores. The issue is a combination of fresh issue of 0.75 crore shares aggregating to ₹300.00 crores and offer for sale of 6.78 crore shares aggregating to ₹2,727.26 crores.
- Dr.Agarwal's Health Care IPO bidding started from Jan 29, 2025 and ended on Jan 31, 2025. The allotment for Dr.Agarwal's Health Care IPO was finalized on Feb 3, 2025. The shares got listed on BSE, NSE on Feb 4, 2025.
- Dr.Agarwal's Health Care IPO price band is set at ₹402.00 per share . The lot size for an application is 35. The minimum amount of investment required by an retail is ₹14,070 (35 shares) (based on upper price). The lot size investment for sNII is 15 lots (525 shares), amounting to ₹2,11,050, and for bNII, it is 72 lots (2,520 shares), amounting to ₹10,13,040.
- The issue includes a reservation of up to 15,79,399 shares for employees offered at a discount of ₹0.00 to the issue price.