Temasek Holdings and TPG-backed Dr Agarwal Health Care to raise funds through IPO approved by SEBI
Of the the proceeds from the fresh issue, ₹195 crore will be used for repayment of borrowings, general corporate purposes and unidentified inorganic acquisition
Temasek Holdings and TPG-backed eye care services, Dr Agarwal Health Care has received SEBI nod to raise funds through an initial public offering. The Company had filed its IPO papers with Sebi last September.
The IPO will be a mix of a fresh issue of up to ₹300 crore and an offer for sale of 6.96 crore equity shares by the promoter and other selling shareholders. The offer also includes a subscription reservation for eligible employees.
The offer for sale consists offloading by Dr Amar Agarwal, Dr Athiya Agarwal, Dr Adil Agarwal, Dr Anosh Agarwal, Dr Ashvin Agarwal, Dr Agarwal’s Eye Institute, Arvon Investments Pte, Claymore Investments (Mauritius) Pte, Hyperion Investments Pte, Farah Agarwal and Urmila Agarwal.
Pre-IPO placement
The company may consider a pre-IPO placement of up to 20 per cent of the size of the fresh issue.
Of the the proceeds from the fresh issue, ₹195 crore will be used for repayment of borrowings, general corporate purposes and unidentified inorganic acquisition.
According to a CRISIL MI&A report cited in its DRHP, the company held about 25 per cent of the total eye care service chain market in India in FY24.
As of last March, its network consisted of 180 facilities out of which 165 facilities were in India with a majority concentration in south india particularly Chennai, Hyderabad and Bengaluru followed by western India.
