Dr Agarwal's Health Care IPO sails through on last day of offer; subscribed 1.55 times

The initial public offer of Dr Agarwal's Health Care Ltd got subscribed 1.55 times on the closing day of bidding on Friday.

The Rs 3,027.26-crore public issue received bids for 8,29,80,520 shares against 5,35,26,172 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) got subscribed 4.64 times while the category for Retail Individual Investors (RIIs) received 41 per cent subscription. The quota for non-institutional investors got subscribed 39 per cent.

Dr Agarwal's Health Care on Tuesday said it has raised over Rs 875.5 crore from anchor investors.

The public issue has a price band of Rs 382-402 per share.

The IPO is a combination of a fresh issue of up to Rs 300 crore and an Offer For Sale (OFS) of up to 6.78 crore equity shares worth Rs 2,727.26 crore by promoters and other selling shareholders at the upper end of the price band.

Proceeds from the fresh issue to the tune of Rs 195 crore will be used for payment of debt. Besides, a portion will be used for general corporate purposes and unidentified inorganic acquisitions.

Dr Agarwal's Health Care offers a wide array of services, including cataract, refractive, and other surgeries, consultations, diagnosis, non-surgical treatments, and the sale of optical products, contact lenses, accessories, and eye care-related pharmaceutical items.

As of September 2024, its network consisted of 193 facilities with a majority concentration in South India, particularly Chennai, Hyderabad and Bengaluru, followed by Western India.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Jefferies India and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.