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Dr Agarwal's Health Care's IPO listing: Shares of healthcare services provider Dr Agarwal's Health Care made a negative debut on D-Street on Tuesday, February 4, 2025, following the completion of its initial public offering (IPO). Dr Agarwal's Health Care shares listed at Rs 396.90 apiece on the BSE, a discount of Rs 5.10 or 1.27 per cent against its allotment price of Rs 402.
On the National Stock Exchange (NSE), the company's shares listed flat at Rs 402, the same as the IPO allotment price.
Dr Agarwal's Health Care's IPO listing was largely in line with grey market expectations. Ahead of the listing, the company's shares were trading at Rs 398 apiece, a discount of Rs 4 per share or 1 per cent against the issue price, according to the sources tracking unofficial markets.
“Despite markets being in a recovering mood, Dr Agarwal's eye care listing was in line with our expectations, with a neutral to negative opening,” said Prashanth Tapse, Senior VP (Research), Mehta Equities. The listing, he belives, is justified on the back of a 90 per cent OFS offer, leaving less value for investors on the table.
“Considering the market mood, we recommend that allotted investors continue holding it for the long term, despite knowing that post-listing will invite short-term volatility. Hence, our advice for non-allotted investors is to wait and watch for better pricing,” Tapse added.
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Dr Agarwal's Health Care IPO details
Dr Agarwal's Health Care launched a book-built issue worth Rs 3,027.26 crore, comprising a fresh issue of 74,62,686 equity shares and an offer for sale (OFS), with promoters and shareholders divesting up to 6,78,42,284 equity shares with a face value of Rs 1 apiece.
The IPO was available at a price band of Rs 382-402 per share with a lot size of 35 equity shares. The public offering was open for subscription from Wednesday, January 29, 2025, to Friday, January 31, 2025. The basis of allotment was finalized on Monday, February 3, 2025.
Dr Agarwal's Health Care raised Rs 875.51 crore from anchor investors through bidding on January 28, 2025.
The company will not receive any proceeds from the OFS. "Each of the Selling Shareholders shall be entitled to their respective portion of the proceeds of the Offer for Sale after deducting their proportion of offer-related expenses and relevant taxes thereon, as applicable," the company stated in its RHP (Red Herring Prospectus).
Dr Agarwal's Health Care, however, proposes to utilize the net proceeds from the fresh issue for the repayment/prepayment (in part or full) of certain borrowings and for general corporate purposes, including unidentified inorganic acquisitions.
About Dr Agarwal's Health Care
Dr Agarwal's Health Care provides a comprehensive range of eye care services, including cataract, refractive, and other surgeries; consultations, diagnoses, and non-surgical treatments; as well as the sale of opticals, contact lenses, accessories, and eye care-related pharmaceutical products. According to the CRISIL MI&A Report, Dr Agarwal's Health Care held a market share of approximately 25 per cent of the total eye care service chain market in India during the financial year 2024.
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