Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Detail Review –
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) is set to open for subscription from 29th Jan 2025 to 31st Jan 2025. In this article we will analyze the financials , strengths and weaknesses of the Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO). Keep scrolling below to read more!
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Overview –
Established in 2010, Dr. Agarwal’s Health Care Limited offers a comprehensive range of eye care services, including cataract and refractive surgeries, consultations, diagnoses, non-surgical treatments, and the sale of optical products, contact lenses, accessories, and eye care-related pharmaceutical items.
As of September 30, 2024, there were 737 doctors providing care to patients across the company’s facilities. During this period, the company served 2.13 million patients and performed 220,523 surgeries. In the six months leading up to September 30, 2024, they served 1.15 million patients and conducted 140,787 surgeries.
The Services provided by the company are:-
Cataract surgeries Offer cataract surgical treatments at its Facilities, such as small incision cataract surgery, phacoemulsification, robotic cataract surgery and glued intraocular lens treatments;
Refractive surgeries: Refractive surgeries are procedures that correct eye refractive errors, helping individuals reduce or eliminate their need for glasses and contact lenses. The main types include LASIK, SMILE, implantable collamer lenses, and photorefractive keratectomy (PRK).
Other surgeries: Offer a range of other surgical treatments for eye ailments, such as surgical retinal treatments, corneal transplantation and pinhole pupilloplasty, oculoplasty and surgeries for the treatment of glaucoma and pterygium.
As of September 30, 2024, the company’s Indian network has 28 hubs (Tertiary Facilities, including three COEs) and 165 spokes (53 Primary and 112 Secondary Facilities).
As of September 30, 2024, the company has a presence in India across 117 metro and non-metro cities spanning 14 states and four union territories through 193 Facilities.
Competitive Strength
- Largest eye care services provider in India with a trusted brand
- End-to-end, comprehensive eye care services offering
- Scalable, asset-light, hub-and-spoke operating model
- Proven clinical excellence is driven by a strong clinical board and a history of surgical innovations.
- Doctor-promoters leading a team of qualified medical professionals and supported by experienced management
- Proven track record of delivering organic growth, integrating and scaling acquisitions and improving operating profitability
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Synopsis –
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) is set to be open for subscription from 29th Jan 2025 to 31st Jan 2025, offering combination of fresh issue of 0.75 crore shares aggregating to Rs 300.00 crores and offer for sale of 6.78 crore shares aggregating to Rs 2,727.26 crores. This NSE,BSE IPO follows a Book Built Issue IPO with tentative listing date fixed as Wednesday, February 5, 2025.
The total issue size of this IPO amounts to Rs. 3,027.26 Crores. The company has allocated shares 35% to retail investors, 50% to institutional and 15% to non institutional investors.
| Particulars | Details |
| Opening Date | January 29, 2025 |
| Closing Date | January 31, 2025 |
| Lot Size | 35 Shares |
| Face Value | Rs 1 |
| IPO Size | Rs. 3,027.26 Cr |
| Fresh Issue | Rs. 300.00 Cr |
| IPO Price Range | Rs. 382 – 402 |
| Min. Investment | Rs. 14,070 |
| Offer for Sale (OFS) | Rs. 2,727.26 Cr |
| Employee Discount | — |
| Basis of Allotment | February 3, 2025 |
| Refunds | February 4, 2025 |
| Listing Date | February 5, 2025 |
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | Click Here |
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Market Lot –
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) minimum market lot is 35 shares with ₹14,070 application amount. The retail investors can apply up to 13 lots with 490 shares or ₹1,96,980 amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 35 | ₹14,070 |
| Retail Maximum | 14 | 490 | ₹1,96,980 |
| S-HNI Minimum | 15 | 525 | ₹2,11,050 |
| S-HNI Maximum | 71 | 2,485 | ₹9,98,970 |
| B-HNI Minimum | 72 | 2,520 | ₹10,13,040 |
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Book Running Lead Managers –
- Kotak Mahindra Capital Company Limited
- Morgan Stanley India Company Pvt Ltd
- Jefferies India Private Limited
- Motilal Oswal Investment Advisors Limited
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Promoters –
Dr. Amar Agarwal
Dr. Athiya Agarwal
Dr Adil Agarwal
Dr. Anosh Agarwal
Dr Ashvin Agarwal
Dr. Ashar Agarwal
Dr. Amar Agarwal Family Trust
Dr Adil Agarwal Family Trust
Dr. Anosh Agarwal Family Trust
Dr Ashvin Agarwal Family Trust
Dr. Ashar Agarwal Family Trust
Dr Agarwal’s Eye Institute and Dr Agarwal’s Eye Institute Private Limited
Pre-Issue Promoter Shareholding | 37.72% |
Post-Issue Promoter Shareholding | — |
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Registrar to the offer –
The registrar for the Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) is KFin Technologies Limited. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.
The Objective Of The Issue –
The company desires to use the Net Proceeds from the Issue to fulfill its following goals:
- Repayment/prepayment, in part or full, of certain of the borrowings and
- General corporate purposes and unidentified inorganic acquisition.
Key Performance Indicator –
The market capitalization of Dr. Agarwal’s Health Care Limited is Rs 12,698.37 Cr.
KPI as of March 31, 2024.
| KPI | Values |
| ROE: | 3.14% |
| ROCE: | 5.95% |
| EBITDA Margin: | 26.91% |
| PAT Margin: | 4.70 |
| Debt to equity ratio: | 0.70 |
| Earning Per Share (EPS): | ₹3.14 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 6.21% |
| Net Asset Value (NAV): | ₹50.53 |
Financial Status –
The company reported revenue of ₹1,376.45 crores in 2024 against ₹1,031.49 crore in 2023. The company reported profit of ₹95.05 crores in 2024 against Profit of ₹103.23 crores in 2023.
Below is the synopsis of the company’s financial data for the financial year that concluded on 30 Sep 2024.
The company’s total assets are Rs. 3,393.41 crore.
The company’s total revenue is Rs. 837.94 crore.
The company’s PAT is Rs. 39.56 crore.
The company’s net worth is Rs. 1,502.67 crore.
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | ||||||||||||||||||||||||||||||||||||
| Total Assets | 3,393.41 | 2,752.82 | 1,825.17 | 1,026.13 | ||||||||||||||||||||||||||||||||||||
| Revenue from operations | 837.94 | 1,376.45 | 1,031.49 | 713.78 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 39.56 | 95.05 | 103.23 | 43.16 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 1,502.67 | 1,337.68 | 627.83 | 212.34 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 1,509.11 | 1,365.86 | 652.63 | 236.27 | ||||||||||||||||||||||||||||||||||||
| Total Borrowing | 373.68 | 387.79 | 356.18 | 290.18 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Evaluation of P/E Ratio :
Considering the FY ended 31 Mar 2024 with an EPS of Rs.3.14 from the last year, the resulting P/E ratio is 128.02x.
Considering the weighted EPS of Rs.3.21 for the last three years, the P/E ratio is 125.23x.
Comparative Analysis with Listed Peers
The average P/E Ratio of the industry is 82.44x.
In simple words, the P/E ratio of this IPO (128.02x), compared with the industry’s average P/E of 82.44x, has an overvaluation (on a P/E ratio basis only). Hence the price of the Share seems aggressively priced for the investors when considered based on the average P/E ratio of the industry.
Peers of Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) –
Dr. Agarwal’s Health Care Limited peer comparison with similar listed entities.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Apollo Hospitals Enterprise Limited | 62.50 | 107.11 | 12.97% | 481.93 | 19,059.20 Cr. |
| Max Healthcare Institute Limited | 10.89 | 95.88 | 12.58% | 86.54 | 6,849.00 Cr. |
| Fortis Healthcare Limited | 7.93 | 82.11 | 7.82% | 101.48 | 6,892.92 Cr. |
| Global Health Limited | 17.80 | 57.49 | 16.46% | 108.17 | 3,275.11 Cr. |
| Narayana Hrudayalaya Limited | 38.86 | 33.14 | 27.37% | 141.98 | 5,018.25 Cr. |
| Krishna Institute of Medical Sciences Limited | 7.75 | 79.79 | 16.96% | 228.47 | 2,498.14 Cr. |
| Aster DM Healthcare Limited | 3.60 | 136.07 | 3.63% | 71.62 | 3,698.90 Cr. |
| Rainbow Children’s Medicare Limited | 21.38 | 67.90 | 17.24% | 124.03 | 1,296.90 Cr. |
Dividend Policy –
The company has not paid a dividend in the last three FYs.
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Strengths –
- Largest eye care services provider in India with a trusted brand
- End-to-end, comprehensive eye care services offering
- Scalable, asset-light, hub-and-spoke operating model
- Proven clinical excellence is driven by a strong clinical board and a history of surgical innovations.
- Doctor-promoters leading a team of qualified medical professionals and supported by experienced management
- Proven track record of delivering organic growth, integrating and scaling acquisitions and improving operating profitability
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Weakness –
Physician Engagement and Recruitment: It is involved in the retainership of such doctors. The failure to retain or mate professional medical practitioners could be damaging to the execution of its business operations and financial performance.
Reputation and Brand Equity in the Market: Maintaining and enhancing brand image is the sine qua non. Failure in brand management or negative publicity could have disastrous effects on financial performance and business prospects.
Regulatory Compliance: It is a highly regulated sector where the company is supposed to conform to various safety, health, and labor regulations. Should it fail to adhere to any of these and/or fail to renew relevant permissions, this could harshly injure its business operations.
Geographic Concentration: Some extent of the facilities are located in Tamil Nadu, Maharashtra, and Karnataka. Any negative developments in those areas would severely affect the business and financial stability.
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) Status –
Dr. Agarwal’s Health Care Limited IPO (Dr Agarwals Healthcare IPO) allotment status will be available on the KFin Technologies Limited website. Click on this link to get allotment status.
Disclaimer –
- Don’t decide to subscribe to an IPO just based on the initial price, as it can change before the listing. Subscribe only after considering fundamentals of the companies.
Conclusion –
Hope the details presented in this blog will assist you in learning about the financial performance of the company. Before making an investment in the company’s upcoming initial public offering (IPO), thoroughly research the company, its finances, business prospects, and market trends.
Also, investors should consult their financial advisor, conduct further due diligence, analyze industry trends and the competitive landscape, and consider risk factors before making an investment decision.
or all such latest information on upcoming IPOs, keep visiting our website.
