• Source:JND
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Temasek Holdings and TPG-backed eye care services provider Dr Agarwal’s Health Care on Friday said it has fixed a price band of Rs 382 to Rs 402 per share for its initial public offer (IPO) worth over Rs 3,027 crore.

The company announced that its first public offering will be open for subscription from January 29 to January 31. The tender for anchor investors will open for one day on January 28.

The upper end of the price band is a combination of fresh issues of up to Rs 300 crore and offers for sale (OFS) of up to Rs 6.78 crore of equity shares worth Rs 2,727.26 crore by promoters and other selling shareholders. This brings the total issue size to Rs 3,027.26 crore.

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This offer also includes subscriptions for eligible employees.

Sellers of OFS shares include Arvon Investments Pvt. Ltd., Claymore Investments (Mauritius) Pvt. Ltd., and Hyperion Investments Pvt. Ltd. The proceeds of Rs 195 crore raised from the fresh issue will be used for debt repayment, and a portion of it will be used for general corporate purposes and undisclosed inorganic acquisitions.

Half of the issue is reserved for eligible institutional buyers, 35 per cent for non-institutional investors and the remaining 15 per cent for retail investors.

Dr Agarwal’s Health Care offers a wide range of services including cataract, refractive and other surgeries, consultations, diagnostics, non-surgical treatments and sales of optical products, contact lenses, accessories and eye care-related pharmaceutical products. By September 2024, it will have 193 facilities in its network, with most in southern India, especially in Chennai, Hyderabad and Bangalore, followed by western India.

On the financial front, the net profit of Dr Agrawal’s healthcare operations stood at Rs 1332.15 crore and the profit after tax stood at Rs 95.05 crore in FY24.

Kotak Mahindra Capital Co., Morgan Stanley India Co., Jefferies India and Motilal Oswal Investment Advisors are the lead managers on the issue.

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(with input from PTI)