Dr. Agarwal's Health Care came to market through an IPO that opened on 29 January 2025 and closed on 31 January 2025, and the shares listed on 4 February 2025 on BSE, NSE. The price band was ₹382 to ₹402 per share and one lot was 35 shares, so the minimum application was ₹14,070. The issue size was ₹3027.26 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
Kfin Technologies Limited was the registrar to the issue, and Kotak Mahindra Capital Company Limited/nMorgan Stanley India Company Pvt Ltd, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited were the lead managers.
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Established in 2010, Dr. Agarwal's Health Care Limited delivers a wide-ranging service of ophthalmic solutions, including cataract and refractive surgery, consultation and diagnosis, and non-surgical treatments, sales of optical goods, contact lenses, accessories, and pharmaceutical drugs related to eyes. As of September 30, 2024, the company had 737 doctors treating patients in its facilities. During the same period, the company treated 2.13 million patients and performed 220,523 surgeries.
For the six months ended September 30, 2024, they treated 1.15 million patients and performed 140,787 surgeries. The Services offered by the company are: Cataract surgeries; Provide cataract surgical services in its own facilities, which include small incision cataract surgery, phacoemulsification, robotic cataract surgery, and glued intraocular lens treatments; Refractive surgeries: These are surgeries used to correct the refractive errors of the eyes, helping a person decrease their dependence on eyeglasses or contact lenses.
The major categories are LASIK, SMILE, implantable collamer lenses, and photorefractive keratectomy (PRK). Other surgeries: Provide a number of other surgical interventions for ocular diseases, like surgical retinal interventions, corneal transplantation and pinhole pupilloplasty, oculoplasty and surgeries to treat glaucoma and pterygium.
By September 30, 2024, the company's Indian network includes 28 hubs (Tertiary Facilities, three COEs included) and 165 spokes (53 Primary and 112 Secondary Facilities).As on September 30, 2024, the Company has operations in India across 117 metro and non-metro cities in 14 states and four union territories through 193 Facilities.
As described in the offer document.
| Metric | 30-Sep-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
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Dr Agarwal's Health Care raises ₹875.50 crore from anchor investors. Key foreign and domestic institutions, such as the Government of Singapore, Monetary Authority of Singapore, Government Pension Fund Global, and Fidelity, participated in the anchor round.
Other prominent investors were Invesco India Midcap Fund, The Nomura Trust, Ashoka Whiteoak MF, Motilal Oswal Small Cap Fund, Canara Robeco MF, VQ Fastercap Fund, The Prudential Assurance Co, HSBC Global Investment Fund, 360 One Equity Opportunity Fund, and Goldman Sachs (Singapore) PTE – ODI. Domestic names include LIC MF, Tata MF, Edelweiss MF, Axis Max Life, Aditya Birla Life, and Edelweiss Life Insurance as part of the anchor allocation.
s Eye Institute, Dr Agarwal's Eye Institute Private Limited. Promoter holding 37.32% before the issue and 32.50% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Dr. Agarwal's Health Care IPO was a ₹3,027.26 crore book-built issue, comprising a fresh issue of ₹300 crore and an offer for sale of ₹2,727.26 crore. It was priced at ₹382–₹402 per share with a lot size of 35 shares (₹14,070). The IPO was open from January 29 to January 31, 2025. Shares listed on BSE and NSE on February 4, 2025 at ₹402, in line with the issue price of ₹402. Kfin Technologies Limited is the registrar.
Kotak Mahindra Capital Company Limited and 3 other book running lead managers manage the issue.
The price band of Dr. Agarwal's Health Care IPO is ₹382 to ₹402 per share.
The lot size of Dr. Agarwal's Health Care IPO is 35 shares.
The minimum investment for Dr. Agarwal's Health Care IPO is approximately ₹14,070 based on the upper price band.
The allotment date of Dr. Agarwal's Health Care IPO is Feb 1, 2025.
Dr. Agarwal's Health Care IPO listed on Feb 4, 2025. It was issued at ₹402.0 (NSE) and is currently around ₹506.10 as on 30-Oct-2026 3:30 PM, which is approximately 25.9% versus issue price. The 52-week high is ₹567.75.
You can check Dr. Agarwal's Health Care IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Dr. Agarwal's Health Care IPO allotment status on Rupix for quick and easy access.
₹382 to ₹402 per share, against a face value of ₹1. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 35 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,070.
₹14,070, for one lot of 35 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 29 January 2025 and closed on 31 January 2025.
The basis of allotment was published on 1 February 2025 by Kfin Technologies Limited, and allotted shares were credited to demat accounts before listing.
The shares listed on 4 February 2025 on BSE, NSE.
The issue size was ₹3027.26 crore. The fresh issue was 74,62,686 shares (aggregating up to ₹300 crore). The offer for sale was 6,78,42,284 shares (aggregating up to ₹2727.26 crore).