Dr Agarwal's IPO sees interest from Government of Singapore, Goldman Sachs, Fidelity besides others in its anchor book
Dr.
Agarwal’s Health Care Ltd’s initial public offering (IPO) has garnered strong interest from marquee institutional
investors, with Government of
Singapore, Goldman Sachs, Fidelity, and others participated in the
anchor book raising Rs 875.50 crore from Anchor investors.
Other
foreign investors that participated 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.
Leading
brokerage firms like Anand Rathi, SBI
Securities, Mehta Equities, Adriot Financial Services, Master Trust Capital and
Geojit Financial have given a “Subscribe” rating to Dr. Agarwal’s Health
Care Ltd, citing its market leadership, strong financial growth, and expansion
plans. The company is India’s largest eye care chain by revenue, generating 1.7
times more than its nearest competitor and holding a 25% market share. It
reported ₹1,332 crore in revenue, ₹362 crore in EBITDA, and ₹95 crore in PAT
for FY24, with a two-year CAGR of 38%, 41%, and 48%, respectively. Post-issue,
it is valued at ₹1,26,983.7 million, with an EV/EBITDA of 33.9x (FY24).
As
India’s largest eye care service chain, Dr. Agarwal’s has built a strong brand
backed by steady revenue growth and a dominant 25% market share in the
sector. Under the aegis of its Chairman, Dr. Amar Agarwal, who has over
35 years of clinical experience in the eye care services industry, and has received several awards recognizing his
contribution to ophthalmology.
As of September 30, 2024, the Company operates 193 facilities in
India across 117 metro and non-metro cities
spanning 14 states and four union territories, along with 16
facilities spread across nine countries in Africa.
