Dr. Agarwal's Health Care IPO
Dr. Agarwal's Health Care IPO — date, price band, lot size & details 2025
Dr. Agarwal's Health Care listed on 4 Feb 2025 at ₹402, flat to the ₹402 issue price.
Dr. Agarwal's Health Care provides eye care services through a hub-and-spoke network of hospitals and clinics. Its total income rose from Rs 713.78 crore in FY2022 to Rs 1,376.45 crore in FY2024.
Stock price
Dr. Agarwal's Health Care is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 29 Jan 2025
- Close 31 Jan 2025
- Allotment 03 Feb 2025
- Refund/credit 04 Feb 2025
- Listing 04 Feb 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 29 to 31 Jan, 2025 |
|---|---|
| Price Band | ₹382 – ₹402 |
| Face Value | ₹1 |
| Lot Size | 35 Shares |
| Issue Size | ₹3027.26 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,070 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 35 shares at the ₹402 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 35 | ₹14,070 |
| Retail (max) | 14 | 490 | ₹1,96,980 |
| S-HNI (min) | 15 | 525 | ₹2,11,050 |
| S-HNI (max) | 71 | 2,485 | ₹9,98,970 |
| B-HNI (min) | 72 | 2,520 | ₹10,13,040 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 713.78 crore in FY2022 to Rs 1,031.49 crore in FY2023 and Rs 1,376.45 crore in FY2024.
- 02Net worth grew from Rs 212.34 crore on 31 March 2022 to Rs 1,502.67 crore on 30 September 2024.
- 03Total borrowing of Rs 373.68 crore on 30 September 2024 was well below net worth.
- 04Rs 195.00 crore of the fresh issue was planned for repaying part of those borrowings.
- 05The PAT margin was 6.90% and return on capital employed was 14.61%, as per the figures at the source.
Risks · 8
- 01Rs 2,727.26 crore of the Rs 3,027.26 crore issue was offer for sale, so about nine tenths of the money went to selling shareholders.
- 02The P/E was 160.48 at the upper band of Rs 402, based on post-issue EPS of Rs 2.51.
- 03Profit after tax fell from Rs 103.23 crore in FY2023 to Rs 95.05 crore in FY2024 even though income rose.
- 04Profit after tax was Rs 39.56 crore in the six months to 30 September 2024 on total income of Rs 837.94 crore.
- 05Return on net worth was 6.21%, which is low against a P/E of 160.48.
- 06Total assets rose from Rs 1,825.17 crore on 31 March 2023 to Rs 3,393.41 crore on 30 September 2024, partly from acquisitions that must still pay back.
- 07Of the 193 facilities in India on 30 September 2024, 120 were in a few states led by Tamil Nadu and Maharashtra, so the business is regionally concentrated.
- 08Promoters held 37.72% before the issue and held 32.5% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Dr. Agarwal's Health Care offer document.
| Metric | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 3,393.41 | 2,752.82 | 1,825.17 | 1,026.13 |
| Total Income | 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Dr. Agarwal's Health Care RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Dr. Agarwal's Health Care IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹3.08 | ₹2.51 |
| P/E Ratio (x) | 130.44 | 160.48 |
| Market Cap at Offer Price (₹ Cr) | ₹5,163.35 | ₹6,335.90 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹402 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹413.16 Cr of the issue is earmarked to named objects.
Dr. Agarwal's Health Care IPO Anchor Investors
43 anchor investors across 32 fund houses committed ₹875.52 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The company uses a hub-and-spoke model, which lets larger centres support smaller ones. Growth has come from new centres and from acquisitions.
The promoters include doctors from the Agarwal family and family trusts. Dr. Amar Agarwal and Dr. Athiya Agarwal are among the named promoters.
The IPO was Rs 3,027.26 crore. Only Rs 300.00 crore was fresh issue and Rs 2,727.26 crore was offer for sale. Rs 195.00 crore of the proceeds was planned for repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Dr. Agarwal's Health Care IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Motilal Oswal Investment Advisors
40 issues handledBest listing: GNG Electronics (+49.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Kotak Mahindra Capital Company Limited
30 issues handledBest listing: Moneyview (+61.8%). Weakest: Amagi Media Labs (-12.2%).
Jefferies India Private Limited
16 issues handledBest listing: Dhoot Transmission (+37.8%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Morgan Stanley India Co. Pvt. Ltd
3 issues handledBest listing: Urban Company (+57.5%). Weakest: The Leela Hotels (-6.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Dr. Agarwal's Health Care?
The current Grey Market Premium is ₹0.
What is the Dr. Agarwal's Health Care IPO price band?
₹382 to ₹402, on a face value of ₹1.
When is the allotment?
The basis of allotment is 3 February 2025, with listing on 4 February 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
