Dr Agarwal’s Health Care IPO Attracts Global Investors, Raises Rs875.5 cr

Hyderabad: Dr Agarwal’s Health Care Ltd’s initial public offering (IPO) has received an overwhelming response from marquee institutional investors, raising Rs875.50 crore in its anchor book. Prominent investors, including Government of Singapore, Goldman Sachs, and Fidelity, participated in the offering, reflecting strong confidence in the company’s market position and growth potential.

Other major foreign investors in the anchor book included Morgan Stanley, Tocu Europe, Monetary Authority of Singapore, Government Pension Fund Global, Nomura, Polar Capital Funds, The Prudential Assurance Company, and HSBC Global.

Several leading brokerage firms, including Anand Rathi, SBI Securities, Mehta Equities, Adriot Financial Services, Master Trust Capital, and Geojit Financial, have given a “Subscribe” rating to Dr Agarwal’s IPO. Analysts cited its market leadership, strong financial performance, and expansion strategy as key reasons for their recommendation.

Dr Agarwal’s Health Care Ltd is India’s largest eye care chain by revenue, generating 1.7 times more than its nearest competitor and holding a 25 per cent market share. For FY24, the company reported:

• Revenue: Rs1,332 crore

• EBITDA: Rs362 crore

• Profit After Tax (PAT): Rs95 crore

• Two-year CAGR: 38 per cent (Revenue), 41 per cent (EBITDA), and 48 per cent (PAT)

Post-issue, the company is valued at Rs1,26,983.7 million, with an EV/EBITDA of 33.9x (FY24).

Under the leadership of Chairman Dr Amar Agarwal, a renowned ophthalmologist with over 35 years of clinical experience, Dr Agarwal’s Health Care has built a strong brand with steady revenue growth.

As of September 30, 2024, the company operates 193 facilities across 117 cities in 14 states and four union territories in India, along with 16 facilities across nine African countries. The company’s expansion strategy and expertise in ophthalmology continue to strengthen its position as a leading eye care provider.