Dr Agarwal's Healthcare had a subdued stock market debut today, Tuesday (February 4). On the NSE, the stock debuted at par with its IPO price of Rs 402 per share, while on the BSE, it listed at Rs 396.90 apiece, marking a 1.27 per cent discount from the issue price.

Zee Business Managing Editor Anil Singhvi, in his listing preview, advised short-term, low-risk investors to maintain a stop-loss below the issue price.  He noted that the IPO received a muted response, with a subscription of only 1.55 times. The market guru reiterated that the IPO was recommended only for high-risk investors. The stock is expected to list below the issue price of Rs 402, he added.

Dr Agarwal’s Healthcare IPO was fully subscribed, closing at 1.55 times subscription on the final day of its Rs 3,027.26-crore offering. The IPO received bids for 8.29 crore shares against the 5.35 crore shares available, as per NSE data. 

Investor response was led by qualified institutional buyers (QIBs), who subscribed 4.64 times their allocated portion. However, retail investors and non-institutional investors showed relatively lower interest, with subscriptions at 41 per cent and 39 per cent, respectively.  

The IPO opened for bidding on January 29 and closed on January 31. The allotment was finalised on February 3.The Rs 3,027.26-crore issue comprised a fresh issue of 74.62 lakh shares worth Rs 300 crore and an offer for sale (OFS) of 6.78 crore shares, aggregating to Rs 2,727.26 crore. The IPO was priced in the range of Rs 382-402 per share.  

Founded in 2010, Dr Agarwal’s Healthcare is a leading provider of eye care services, offering cataract and refractive surgeries, diagnostics, consultations, non-surgical treatments, and optical products.  

As of September 30, 2024, the company operated 193 centres, primarily in South India, with an expanding presence in the western region. It employs 737 doctors and served 2.13 million patients in FY24, performing 2.20 lakh surgeries.  

In H1 FY24 alone, Dr Agarwal’s Healthcare treated 1.15 million patients and conducted 1.40 lakh surgeries. For FY24, it reported revenue of Rs 1,332.15 crore and a net profit of Rs 95.05 crore.