Agilus Diagnostics files for IPO to raise funds via 142.3 mn shares

The diagnostics giant partners with ICICI Securities, Axis Capital, and Citigroup for public offering, aiming to sell equity shares held by key investors

Diagnostics service provider Agilus Diagnostics has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) to raise funds through an initial public offering (IPO). The offering comprises 142.3 million equity shares, each with a face value of Rs 10. 

The offering is solely an offer for sale by current shareholders, including International Finance Corporation (IFC), NYLIM Jacob Ballas India Fund III and Resurgence PE Investments.

ICICI Securities, Axis Capital, and Citigroup Global Markets India Private have been appointed as the Book Running Lead Managers for the IPO.

The offer for sale includes up to 2,985,075 equity shares from International Finance Corporation, up to 7,462,700 equity shares from NYLIM Jacob Ballas India Fund III, and up to 3,786,189 equity shares from Resurgence PE Investments.

Agilus Diagnostics, formerly known as SRL Diagnostics, a subsidiary of Fortis Healthcare, has established itself as the largest diagnostics service provider in India by the number of laboratories. It also ranks second in revenue from operations for the financial year ending March 31, 2023, according to a CRISIL report.

The company operates in various regions including the Middle East, Sub-Saharan Africa, the Commonwealth of Independent States and the South Asian Association for Regional Cooperation (Saarc). Agilus Diagnostics conducted approximately 39.07 million tests and served around 16.62 million patients both in India and abroad, as indicated in the Draft Red Herring Prospectus.