Dr Agarwal’s Health Care IPO: Key Details, Dates, and Insights from the RHP

Dr Agarwal's Health Care, the leader in India's eye care services sector, is all set to open its initial public offering (IPO) from January 29 to January 31, 2025. The IPO is looking to raise ₹3,027.26 crore, including fresh issues and offers for sale. Here's everything you need to know before hitting subscribe.
1. IPO Highlights
Price Band: ₹382 to ₹402 per share
Total Issue Size: ₹3,027.26 crore
Fresh Issue: 0.75 crore shares (₹300 crore)
For Sale: 6.78 crore shares (₹2,727.26 crore)
Lot Size for Retail Investors: Minimum 35 shares per lot, and the investment is ₹14,070 at upper price band
Reservation:
50% for Qualified Institutional Buyers (QIBs)
15% for Non-Institutional Investors (NIIs)
35% for Retail Investors
2. Important Dates
Opening Date: January 29, 2025
Closing Date: January 31, 2025
Allotment Finalization: February 3, 2025
3. About Dr Agarwal's Health Care
Established in 2010, Dr Agarwal's has 165 facilities in India and 15 in Africa, providing cataract surgeries, consultations, diagnostic services, and optical products. As of September 30, 2024, the company had treated 2.13 million patients and conducted more than 220,000 surgeries, making it the market leader in the eye care industry.
4. Market Leadership
Dr Agarwal's Health Care is at the top of the Indian eye care market at 25% market share and more than double the revenue of its closest competitor. It uses a hub-and-spoke model, spreading out the Tier-I business while pushing into Tier-II markets.
5. Financial Performance
FY24 Revenue: ₹13,321.52 million, up from ₹10,179.80 million in FY23
EBITDA Growth: ₹4,065.55 million for FY24; marked consistent operational strength
CAGR: All revenue, profit, and market-share numbers jump threefold in three years.
6. Competitive Landscape
Dr Agarwal's is competing with players such as ASG Hospitals, Disha Eye Hospitals, Eye-Q Vision, Apollo Hospitals, and Fortis Healthcare. The company is distinct from others with its advanced technology, patient-centric services, and strategic expansion.
7. Industry Overview
Healthcare Sector Growth: India's healthcare market is going to grow at a CAGR of 9-11% in the next four years.
Eye Care Market: FY24: ₹378 billion CAGR from FY19 to FY24: 11.5% The eye care sector is dominated by cataract surgeries.
8. Future Penetration
It would deepen its footprint in existing hubs such as Chennai, Bengaluru, and Hyderabad and also expand into new markets. It follows the hub-and-spoke model that helps in cost-effective scalability and accessibility of patients.