Dr. Agarwal’s Health Care Limited’s Initial Public Offering to open on Wednesday, January 29, 2025, price band set at ₹382/- to ₹402/- per Equity Share

Mumbai, January 24, 2025: Dr. Agarwal’s Health Care Limited, a trusted brand in the eye care services industry and according to the CRISIL MI&A Report is India’s largest eye care service chain by revenue from operations for FY2024, has fixed the price band of ₹382/- to ₹402/- per Equity Share of face value ₹1/- each.

The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Wednesday, January 29, 2025, for subscription and close on Friday, January 31, 2025. Investors can bid for a minimum of 35 Equity Shares and in multiples of 35 Equity Shares thereafter. The issue has an employee reservation portion of up to 1,579,399 equity shares and shareholders reservation of up to 1,129,574 equity shares.

The IPO is a mix of fresh issue of up to Rs 300 crore and an offer of sale up to 67,842,284 equity shares by Promoters, Investors, and Other Selling Shareholders. The proceeds from its fresh issuance to the extent of Rs 195 crore will be utilized for repayment/ prepayment in part or full of certain of its borrowings; and the balance proceeds will be utilized for general corporate purposes and unidentified inorganic acquisitions.

Dr. Agarwal’s Health Care, provides end-to-end comprehensive eye care services, including cataract, refractive and other surgeries; consultations, diagnoses and non-surgical treatments; and sells opticals, contact lenses and accessories, and eye care related pharmaceutical products through its network of 209 Facilities as of September 30, 2024. According to a CRISIL MI&A Report cited in its red herring prospectus, the company held about 25% of the total eye care service chain market in India as of FY2024.

As of September 30, 2024, the Company operates 193 facilities in India across 117 metro and non-metro cities spanning 14 states and four union territories, along with 16 facilities spread across nine countries in Africa. The Company operates through a hub-and-spoke and asset light operating model. According to the CRISIL MI&A Report, the Company has a diversified presence, with 70 facilities located in Tier-I cities and 123 facilities in other cities across India.

Dr. Agarwal’s Health Care, under the aegis of its Chairman, Dr. Amar Agarwal, who has over 35 years of clinical experience in the eye care services industry, has pioneered multiple surgical innovations in ophthalmology and has published several papers in reputed scientific journals globally. Some key surgical capabilities of Dr. Agarwal’s Health Care includes intraocular lens procedures, cornea transplantation, pinhole pupilloplasty, single pass four-throw pupilloplasty and LASIK surgeries.

Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited are the book-running lead managers, and KFin Technologies Limited is the registrar of the issue.

The Issue is being made through the book-building process, wherein not more than 50% of the issue shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% and 35% of the offer shall be available for allocation to non-institutional investors, and retail individual bidders respectively.

RHP: https://investmentbank.kotak.com/downloads/agarwals-healthcare-limited-RHP.pdf

Issue Size of the IPO based on the upper and lower end of the price band