Latest News | Ahead of IPO, Dr Agarwal's Health Care Mobilises Rs 875.5 Cr from Anchor Investors

New Delhi, Jan 28 (PTI) Temasek Holdings and TPG-backed Dr Agarwal's Health Care, an eye care services provider, on Tuesday said it has raised over Rs 875.5 crore from anchor investors ahead of its initial public offering (IPO).

The Government of Singapore, Monetary Authority of Singapore, Goldman Sachs, Morgan Stanley, Government Pension Fund Global (Norway), Fidelity, Nomura, Invesco Mutual Fund (MF), Motilal Oswal MF, Canara Robeco MF and Tata MF are among the anchor investors, according to a circular uploaded on BSE's website.

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As per the circular, the company has allotted 2.17 crore equity shares to 43 funds at Rs 402 apiece, which is also the upper end of the price band.

This aggregates the transaction size to Rs 875.50 crore.

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Of the total allocation of 2.17 crore equity shares to anchor investors, 52.61 lakh shares were allocated to 6 domestic mutual funds, which have applied through a total of their 11 schemes.

The Rs 3,027.26-crore public issue, with a price band of Rs 382 to Rs 402 per share, will be open for subscription from January 29 to January 31.

The IPO is a combination of a fresh issue of up to Rs 300 crore and an Offer For Sale (OFS) of up to 6.78 crore equity shares worth Rs 2,727.26 crore by promoters and other selling shareholders at the upper end of the price band.

The offer also includes a subscription for eligible employees.

Those selling shares in the OFS include Arvon Investments Pte Ltd, Claymore Investments (Mauritius) Pte Ltd, and Hyperion Investments Pte Ltd.

Proceeds from the fresh issue to the tune of Rs 195 crore will be used for payment of debt, and besides, a portion will be used for general corporate purposes and unidentified inorganic acquisitions.

Half of the issue size has been reserved for qualified 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 array of services, including cataract, refractive, and other surgeries, consultations, diagnosis, non-surgical treatments, and the sale of optical products, contact lenses, accessories, and eye care-related pharmaceutical items.

As of September 2024, its network consisted of 193 facilities with a majority concentration in South India, particularly Chennai, Hyderabad and Bengaluru, followed by Western India.

On the financial front, Dr Agarwal's Health Care revenue from operations was Rs 1,332.15 crore in the fiscal 2024 and profit after tax stood at Rs 95.05 crore.

Kotak Mahindra Capital Company, Morgan Stanley India Company, Jefferies India and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)