Fri Jan 31 09:52:08 IST 2025: ## Dr. Agarwal’s Healthcare IPO Closes with 42% Subscription

**Mumbai, January 31, 2025** – The initial public offering (IPO) of Dr. Agarwal’s Healthcare Ltd., India’s largest eye care chain by revenue, concluded today after a three-day bidding period. The IPO, backed by Temasek Holdings and TPG, saw a 42% subscription rate by the end of the second day, leaving the final day’s figures pending.

The company aimed to raise ₹3,027.26 crore through a combination of fresh issuance (₹300 crore) and an offer for sale (OFS) of existing shares. Anchor investors had already committed over ₹875.5 crore prior to the public offering. Proceeds from the fresh issue will primarily be used for debt repayment and potential acquisitions.

Dr. Agarwal’s Healthcare operates 193 facilities across 14 states and 4 union territories in India, and an additional 16 in 9 African countries, offering a comprehensive range of eye care services. The company’s hub-and-spoke model and asset-light approach (leasing most facilities) contribute to its cost efficiency.

The IPO was priced in a range of ₹382-₹402 per share. While some analysts considered the valuation (P/E ratio of 133.6x at the upper price band) expensive compared to peers, others pointed to the company’s strong revenue growth and potential for expansion across India as reasons to subscribe, particularly for long-term investors. Grey market premiums fluctuated throughout the offering period, indicating strong investor interest.

The allotment of shares is expected on February 3rd, with refunds and crediting of shares to demat accounts on February 4th. Listing on the BSE and NSE is anticipated for February 5th. The final subscription figures are awaited.

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