Eye Care Services Provider Dr Agarwals Health Care, backed by private equity firms TPG and Temase, made a subdued debut in an otherwise positive broader market on Tuesday. The shares of Dr Agarwals Health Care listed at ₹396.90 on the BSE, down 1.27% over the IPO price of ₹402 apiece, with a market capitalisation of ₹12,537.27 crore. On the NSE, the stock opened flat at ₹402 per share.

Post listing, the share price of Dr Agarwals Health Care rose as much as 2.7% to hit a high of ₹412.75 on the BSE, while it touched a high of ₹412.90 on the NSE. Meanwhile, the BSE Sensex and NSE Nifty were trading 0.9% higher, tracking firm cues from Asian peers after the U.S. government decided to pause tariffs on Maxico and Canada.

The listing of Dr Agarwals Health Care IPO was broadly in line with Street expectations as the stock was trading at discount in the grey market. The healthcare stock was commending a grey market premium (GMP) of minus ₹4 in the unlisted market, which declined sharply from its peak of ₹54 on January 24 to ₹5 at the day of opening of the issue and further to zero following the closure of the IPO after it received muted response.

Dr Agarwals’ ₹3,027 cr IPO booked 1.49 times

The ₹3,027.26 crore IPO of Dr Agarwals Health Care, which was a combination of fresh issue worth ₹300 crore and offer for sale of 6.78 crore shares amounting to ₹2,727.26 crore, received subdued response from investors. The issue was subscribed 1.49 times, led by 4.4 times booking in the qualified institutional investors (QIB) segment. The quota reserved for retail investors was subscribed 0.42 times and that non institutional investor (NII) by 0.39 times. The healthcare company had reserved half of the issue for QIB, 15% for NIIs and remaining 35% for retail investors.

The eye care hospital chains operator firm offered shares at a price band of ₹382 to ₹402 per equity share, which opened for subscription between January 29-31. The lot size was 35 shares and in multiple thereafter.

Established in 2010, Dr. Agarwal's Health Care, under the leadership of Dr. Amar Agarwal, who has over 35 years of experience in the eye care sector, offers a comprehensive range of eye care services, including cataract and refractive surgeries, with the support of 737 doctors as on September 30, 2024. In the six months leading up to September 30, 2024, the company served 1.15 million patients and conducted 140,787 surgeries, while they overall served 2.13 million patients and performed 220,523 surgeries. 

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