On Tuesday, February 4, Dr. Agarwal's Health Care shares made a quiet debut on the NSE, trading at ₹402, which was also the IPO price. In the meantime, the stock was down 1.27 percent from the issue price, trading at ₹396.90 on the BSE.
Listing of Dr. Agarwal's Health Care IPO: On Tuesday, February 4, Dr. Agarwal's Health Care shares made a quiet debut on the NSE, trading at ₹402, which was also the IPO price. In the meantime, the stock was down 1.27 percent from the issue price, trading at ₹396.90 on the BSE.The ₹3,027.26 crore initial public offering (IPO) of Dr. Agarwal's Health Care was available for subscription between January 29 and January 31. The price range for each equity share during the IPO was set at ₹382-402.
Dr. Agarwal's Health Care IPO ended with high demand after three days of bidding, receiving 1.49 times bids. Out of the 5.35 crore shares available, 7.98 crore shares were bid on during the IPO. Both the retail investor and non-institutional investor (NII) segments were not fully subscribed, with only 0.42 and 0.39 times, respectively, fully booked. In the meantime, over the three days of bidding, the Qualified Institutional Buyers quota was bid 4.41 times. Additionally, the quota for employees and others was not fully bid; it was subscribed 0.26 and 0.51 times, respectively.
Concerning the IPO
The new issue of 0.75 crore shares, totaling ₹300 crore, and the sale of 6.78 crore shares, totaling ₹2,727.26 crore, comprised Dr. Agarwal's Health Care IPO. With a minimum lot size of 35 shares and a minimum investment of ₹14,070, retail investors were eligible to apply.
Prior to its first public offering (IPO) on January 28, 2024, Dr. Agarwals Healthcare raised ₹875.51 crore from anchor investors.
The company intends to use the net proceeds from the new issue for a number of purposes, such as the partial or complete repayment of some debts. The money will also be used for possible unnamed inorganic acquisitions as well as other business needs.
The Dr. Agarwals Healthcare IPO's book running lead managers are Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Pvt Ltd, Jefferies India Private Limited, and Motilal Oswal Investment Advisors Limited. The issue's registrar is Kfin Technologies Limited.
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Geojit: Long-term subscription
According to Geojit's IPO report, DAHL is valued at a P/E of 133.6x (FY24) at the upper price band of ₹402, which makes it seem pricey in comparison to its peers. However, the brokerage suggested long-term IPO subscription given the company's plan to increase its presence throughout India by establishing additional facilities, boosting its brand recognition, and sustaining steady revenue growth.
Despite its high valuation, Anand Rathi Research advised long-term subscription to Dr. Agarwal's Health Care IPO. The business is valued at 134 times its FY24 EPS at the higher price range, according to the brokerage. It has a market capitalization of ₹12,698.37 crore and a market capitalization-to-sales ratio of 9.5. The organization, which currently holds a 25 percent market share in eye care services, wants to grow throughout India by building more facilities, enhancing its reputation, and raising awareness.
Concerning the Business
Since its founding in 2010, Dr. Agarwal's Health Care Limited has offered a comprehensive range of eye care services, such as cataract and refractive surgeries, consultations, diagnostics, non-surgical treatments, and the retail of eye care-related optical products, contact lenses, accessories, and medications.
The organization employed 737 doctors to serve patients throughout its sites as of September 30, 2024. It treated 2.13 million patients and carried out 220,523 procedures during this time. The business performed 140,787 surgeries and serviced 1.15 million patients in the first half of the fiscal year that ended on September 30, 2024.
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