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Dr. Agarwal's Health Care IPO Subscribed 7% On Day One — Check GMP, Price Band

The price band for Dr. Agarwal's Health Care IPO has been set at Rs 382–402.

<div class="paragraphs"><p>Dr Agarwal's Health Care IPO consists of a fresh issue of shares worth Rs 300 crore. (Image source: Company website)</p></div>
Dr Agarwal's Health Care IPO consists of a fresh issue of shares worth Rs 300 crore. (Image source: Company website)

Dr. Agarwal's Health Care Ltd., one of India's major eye care services provider, launched its initial public offering on Wednesday. The Rs 3,027.3-crore IPO has been subscribed 7% on day one.

The IPO consists of a fresh issue of shares worth Rs 300 crore and an offer-for-sale component of Rs 2,727.3 crore, according to the red herring prospectus.

The OFS by promoters includes the sale of 21.8 lakh equity shares by Amar Agarwal, 26.3 lakh shares by Athiya Agarwal, 30.7 lakh shares by Adil Agarwal, 36.1 lakh shares by Anosh Agarwal, and 24.1 lakh shares by Ashvin Agarwal. Additionally, Dr. Agarwal's Eye Institute, also a promoter, will offload 18.8 lakh shares.

Among investors, Arvon Investments Pte., Claymore Investments (Mauritius) Pte., and Hyperion Investments Pte. are selling their stake. Other shareholders, including Farah Agarwal and Urmila Agarwal, are also participating in the stake sale.

The company will use Rs 195 crore for repayment or prepayment of borrowing, and the remaining towards general corporate purposes and unidentified inorganic acquisition.

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Dr. Agarwal's Health Care IPO Details

  • Issue opens: Jan. 29.

  • Issue closes: Jan. 31.

  • Price band: Rs 382–402.

  • Offer for sale: Rs 2,727.3 crore.

  • Fresh issue: Rs 300 crore.

  • Total issue size: Rs 3,027.3 crore.

  • Lot size: Minimum 37 shares, and then in multiples thereof.

  • Market value at the upper end of price band: Rs 12,698 crore.

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Dr. Agarwal's Health Care Business

Dr. Agarwal's Health Care offers a wide range of comprehensive eye care services, including cataract surgeries, refractive surgeries and other specialised treatments. Their services also encompass consultations, diagnoses, non-surgical treatments, and the sale of optical products, contact lenses, accessories and eye care-related pharmaceutical products.

The company held an approximate 25% market share of the total eye care service chain market in India during the last fiscal, according to a Crisil MI&A Report. As of Sept. 30, 2024, the company operated a network of 209 facilities across India.

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Dr. Agarwal's IPO Day One Subscription Status

Dr. Agarwal's Health Care IPO has been subscribed 0.07 times as of 5:00 p.m. on Wednesday.

  • Qualified institutional buyers: nil

  • Non-institutional investors: 6%

  • Retail investors: 11%

  • Employee reserve: 9%

  • Shareholders' reserve: 14%

Dr. Agarwal's Health Care IPO GMP

The grey market premium of Dr. Agarwal's Health Care's IPO has declined from Rs 12 to Rs 8 as of 1:26 p.m., according to InvestorGain. This implies shares of the company will likely list at Rs 410 apiece, indicating a 2% premium to the upper end of the price band.

It should be noted that GMP or grey market price is not an official price quote for the stock and is based on speculation.

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Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.

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