Dr Agarwal's Health Care
MainboardNSE₹3,027 Cr issue
-1.27%
Listing gain over issue price
Issue size
₹3,027 Cr
1 lot at cut-off
₹14,070
Lot size
35shares
Open
29 Jan 2025
Close
31 Jan 2025
Allotment
03 Feb 2025
Listing
04 Feb 2025
Listing performance
Issue price
₹402
Listed at
₹396.90
Listing-day close
₹401.65
Latest price
₹473.90
Close on 23 Oct 2026
Listing gain
-1.27%
Return since issue
+17.89%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Jan 2025 – 31 Jan 2025
- Listing date
- 04 Feb 2025
- Face value
- ₹1 per share
- Issue price
- ₹402 per share
- Lot size
- 35 shares
- Listing at
- NSE
- Total issue size
- ₹3,027 Cr
- Market cap at offer price
- ₹12,698 Cr
- Promoter holding
- 37.72% → 32.50% pre-issue → post-issue
- ISIN
- INE943P01029
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- 1 st Floor, Buhari Towers, No.4, Moores Road, Off Greams Road, Near Asan Memorial School, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,17,78,798 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 35 shares per lot, in multiples, at ₹402
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 35 | ₹14,070 |
| Retail (max) | 14 | 490 | ₹1,96,980 |
| S-HNI (min) | 15 | 525 | ₹2,11,050 |
| S-HNI (max) | 71 | 2,485 | ₹9,98,970 |
| B-HNI (min) | 72 | 2,520 | ₹10,13,040 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,17,78,798
Anchor portion
₹876 Cr
at ₹402 per share
Valuation and performance
Valuation at offer price
₹402 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.08 | 2.51 |
| P/E (×) | 130.52 | 160.16 |
| Price to book (×) | 7.96 | — |
| Market cap | — | ₹12,698 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 6.21%
- ROCE
- 14.61%
- PAT margin
- 6.90%
- NAV per share
- ₹50.53
- Price to book
- 7.96
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Dr Agarwal's Health Care
Dr. Agarwal's Health Care Limited, incorporated in April 2010 and commenced operations in May 2010, is an eye care healthcare services provider operating through a hub-and-spoke model. The company provides a comprehensive range of eye care services including surgical treatments (cataract, refractive, glaucoma, retina, cornea surgeries), consultations, diagnoses, non-surgical treatments, and sells opticals, contact lenses, accessories and eye care related pharmaceutical products. As of September 30, 2024, the company comprised 209 facilities: 193 facilities in India and 16 facilities across nine countries in Africa. The company serves patients through its network and endeavors to address all needs of patients in their eye treatment journey.
Company Analysis
from RHPDr. Agarwal's Health Care Limited provides comprehensive eye care services including cataract, refractive and other surgeries, consultations, diagnoses, non-surgical treatments, and opticals, contact lenses and pharmaceutical products through a network of 209 facilities across India and international locations.
Dr. Agarwal's Health Care Limited, incorporated in April 2010 and commenced operations in May 2010, is an eye care healthcare services provider operating through a hub-and-spoke model. The company provides a comprehensive range of eye care services including surgical treatments (cataract, refractive, glaucoma, retina, cornea surgeries), consultations, diagnoses, non-surgical treatments, and sells opticals, contact lenses, accessories and eye care related pharmaceutical products. As of September 30, 2024, the company comprised 209 facilities: 193 facilities in India and 16 facilities across nine countries in Africa. The company serves patients through its network and endeavors to address all needs of patients in their eye treatment journey.
healthcare serviceseye care specialtysurgical servicesdiagnostic services
Objects of the Issue
- Repayment/prepayment, in part or full, of certain borrowings ₹1,950.00 million p.22
- General corporate purposes and unidentified inorganic acquisition ₹774.66 million p.22
- Funding capital expenditure for setting up new Facilities and for acquisition and integration of Facilities p.63
- Repayment/prepayment, in part or full, of certain of our borrowings ₹1,950 million p.130
- General corporate purposes and unidentified inorganic acquisition ₹774.66 million p.133
- General corporate purposes
- Fresh Issue proceeds - purposes not specified in this part ₹3,000 million p.474
Issue Structure
- Total Issue
- ₹30,272.60 million (75,304,970 Equity Shares of face value of ₹1)
- Fresh Issue
- ₹3,000 million (7,462,686 Equity Shares of face value of ₹1)
- Offer for Sale
- ₹27,272.60 million (67,842,284 Equity Shares of face value of ₹1)
- Price Band
- ₹382 to ₹402 per Equity Share
- Lot Size
- 35 Equity Shares and in multiples of 35 Equity Shares thereafter
- Face Value
- ₹1 each
Business Model
The company earns revenue from provision of eye care services including surgical and non-surgical treatments, consultations and diagnostics, and sale of opticals, contact lenses, accessories and eye care pharmaceutical products. The company operates through a hub-and-spoke model where tertiary facilities (hubs) and super-specialty surgical facilities provide referral services and complex cases, while primary facilities and secondary facilities (spokes) provide general eyecare and routine surgical services.
Business Segments
Provides cataract, refractive, retinal, corneal, glaucoma, and squint surgeries
Provides doctor consultations, diagnosis, and non-surgical eyecare treatments
Sale of opticals, contact lenses, accessories, and eyecare-related pharmaceutical products
Design, development, manufacturing, servicing, installation and sales of medical devices with a focus on ophthalmic diagnostics
Healthcare facilities that have been operational for fewer than three years or have been acquired and operated for less than three years, providing comprehensive eyecare services including surgeries, consultations, and product sales
Healthcare facilities that have been operational for more than three years or have been acquired and operated for more than three years, providing comprehensive eyecare services including surgeries, consultations, and product sales
Provides eyecare services including surgical treatments (cataract, refractive, glaucoma, retina, cornea surgeries) and non-surgical treatments (consultations, diagnostics, follow-ups)
Provision of surgical services including cataract surgeries (small incision cataract surgery, phacoemulsification, robotic cataract surgery, glued intraocular lens treatments), refractive surgeries (LASIK, SMILE, implantable collamer lens treatment, photo-refractive keratectomy), and other surgeries (retinal treatments, corneal transplantation, pinhole pupilloplasty, oculoplasty, glaucoma surgeries, pterygium surgeries)
Doctor consultation services for identification of refraction, eye pressure measurement, damage assessment, lens power determination, pharmaceutical measures; diagnoses and clinical investigation services; non-surgical treatments including retinal laser therapy and dry eye treatment
Sale of glasses, lenses, contact lenses and frames through embedded pharmacy and optical product counters at facilities
Sale of ophthalmic and nutraceutical products prescribed by doctors through embedded pharmacies at facilities
Providing comprehensive services in the eye-care segment covering range of surgeries for ailments such as cataract, refractive, retinal, corneal, glaucoma, and squint among many others, diagnosis and non-surgical treatments, doctor consultations, and the sale of optical and eyecare related pharmaceutical products
Developing, designing, manufacturing, importing and exporting high quality healthcare devices, which include ophthalmic diagnostic devices such as autoperimeter, optical biometers and ophthalmoscopes
Consultancy in the field of purchase management for hospitals and to provide solutions for optimizing the input cost for hospitals such as sourcing of suppliers, vendors evaluation, negotiation of rates, placement of orders, and procurement of all the inputs required for hospitals
Running, owning and managing eye care hospitals, opticals, pharmacies and related medical services across India and Africa
Revenue from surgical procedures performed on patients
Revenue from consultation services provided by doctors
Revenue from treatments and diagnostic investigations
Sale of optical products including contact lenses and accessories
Sale of pharmaceutical products
Cataract, refractive, and other surgical treatments including small incision cataract surgery, phacoemulsification, robotic cataract surgery, glued intraocular lens treatments, LASIK surgeries, SMILE treatments, implantable collamer lens treatment, photo-refractive keratectomy, surgical retinal treatments, corneal transplantation, pinhole pupilloplasty, oculoplasty, glaucoma surgeries, and pterygium surgery
Doctor consultation services, diagnostic services for eye disorders, non-surgical treatments including retinal laser therapy and dry eye treatment
Sale of wide range of glasses, lenses, contact lenses and frames at facilities
Sale of eye care-related pharmaceutical products including ophthalmic, clinical, nutraceutical and therapeutic products prescribed by doctors
Eye care services in Africa including treatments for glaucoma, cataract, diabetic retinopathy, retinal detachment, dry eye, refractive surgeries, corneal, paediatric and neuro ophthalmological treatments
Eyecare services including surgeries, consultations, treatments, investigations, and annual maintenance contracts
Sale of opticals, contact lenses, accessories, pharmaceutical products, and vision analysis equipment
Other operational income
SWOT Analysis
Strengths
- • Comprehensive eye care services across multiple specialties and geographies(p.21)
- • Strong market position in growing eye care sector(p.21)
- • Established hub-and-spoke model with 28 hubs and diversified spoke network(p.45)
- • Significant geographic presence with 209 facilities across India and Africa(p.45)
- • Growing inorganic expansion capability(p.45)
- • Significant EBITDA growth and margin expansion(p.47)
- • Expanding facility network with acquisition and organic growth(p.52)
- • Revenue diversification across multiple payor types(p.49)
- • Strong surgical revenue base(p.53)
- • Established hub-and-spoke operating model(p.53)
- • Largest eyecare services provider in India by revenue with 25% market share(p.140)
- • Scalable hub-and-spoke operating model with strong asset efficiency(p.138)
- • Proven track record of organic growth and acquisition integration(p.138)
- • Strong revenue growth trajectory with 26.05% YoY growth(p.141)
- • Robust EBITDA margins at 27.27% demonstrating operational efficiency(p.141)
- • Comprehensive end-to-end eyecare services offering across multiple specialties(p.138)
- • Largest eyecare provider in India with trusted brand(p.157)
- • End-to-end comprehensive eyecare service offering(p.157)
- • Scalable, asset-light hub-and-spoke operating model(p.157)
- • Proven clinical excellence driven by strong clinical board and surgical innovations(p.157)
- • Doctor-promoters leading qualified medical professionals with experienced management(p.157)
- • Track record of organic growth, acquisition integration, and profitability improvement(p.157)
- • Largest eye care services provider in India by revenue and facility count(p.220)
- • Market-leading position with 25% market share of eye care service chain market(p.220)
- • Most NABH accredited eye care facilities among peers(p.201)
- • Comprehensive end-to-end eye care services offering(p.221)
- • Scalable asset-light hub-and-spoke operating model(p.223)
- • Strong growth in revenue and profitability(p.228)
- • Only specialty eye care provider with increasing operating profit margin(p.228)
- • Proven track record of surgical innovations(p.225)
- • Established legal and regulatory compliance framework across multiple jurisdictions(p.250)
- • Comprehensive biomedical waste management systems in place(p.251)
- • Strong intellectual property portfolio with registered trademarks(p.269)
- • Diversified geographic presence across India and Africa through subsidiaries(p.263)
- • Established governance structure with independent board composition(p.272)
- • Strong financial backing from institutional investors(p.256)
- • Proven track record of strategic acquisitions and expansion(p.256)
- • Established family trust structure with clear governance for business continuity and management control(p.303)
- • No material change in management control over a five-year period indicating stable leadership(p.303)
- • Trademark portfolio with established brand recognition across multiple classes(p.304)
- • Significant geographic expansion with 209 operating locations across India and Africa(p.321)
- • Strong revenue growth trajectory with restated profit before tax increasing from INR 567.63 Mn (FY22) to INR 603.55 Mn (H1 FY25)(p.315)
- • Diversified business model across eye care hospitals, opticals, pharmacies and related services(p.321)
- • Significant portion of revenue from advance payments and low credit risk customer base(p.344)
- • Well-diversified customer base with no single major debtor dependency(p.360)
- • Largest eye care chain with highest facility count among peers(p.402)
- • Market-leading position with ~25% market share(p.402)
- • Extensive geographic coverage with 193 facilities across 14 states and 4 union territories(p.402)
- • Scalable asset-light hub-and-spoke model requiring minimal capex(p.405)
- • Strong clinical leadership with 35+ years experience(p.403)
- • Institutional backing from marquee investors(p.403)
- • Successful acquisition and integration track record(p.406)
- • Large patient base with 2.13M patients and 220K+ surgeries in FY2024(p.402)
- • Significant revenue and patient volume growth trajectory(p.429)
- • Strong expansion of surgical capacity and service volume(p.429)
- • Diversified revenue streams across products and services(p.429)
- • Substantial capital investment capability for expansion(p.433)
- • Rapid facility expansion demonstrating operational scale-up(p.430)
Weaknesses
- • High doctor attrition rate affecting service delivery capacity(p.39)
- • High percentage of revenue from concentrated geographic locations(p.42)
- • High concentration of operations in a few facilities and regions(p.43)
- • Dependence on retainership arrangements with doctors lacking employment security(p.38)
- • Exposure to medical negligence and malpractice litigation(p.44)
- • Concentrated revenue dependency on few payors(p.48)
- • High exposure to government scheme payment delays(p.49)
- • Material expected credit loss allowance(p.49)
- • Dependent on leased premises for majority of facilities(p.70)
- • Listed subsidiary non-compliance history(p.50)
- • High leverage with debt service coverage ratio below 2x(p.54)
- • Key personnel dependency and promoter concentration(p.67)
- • Promoter group communication issues(p.56)
- • Significant litigation involving promoters(p.57)
- • High leverage with Net Debt to EBITDA of 3.74x as of September 30, 2024(p.141)
- • Significant pledging of promoter shares as collateral for borrowings(p.113)
- • Relatively low profit margins at 4.72% in H1 FY2025(p.141)
- • Heavy concentration of equity ownership among three foreign PE investors(p.117)
- • Increasing Net Debt to EBITDA ratio showing rising leverage(p.149)
- • Declining EBITDA margins over time(p.146)
- • Declining Return on Equity trend(p.149)
- • High dependence on cash payments from patients(p.241)
- • Geographic concentration with South India as dominant revenue source(p.236)
- • Significant proportion of revenue from emerging facilities with lower maturity(p.229)
- • International operations remain relatively small contributor to revenue(p.235)
- • Declining profit margins despite revenue growth(p.219)
- • Significant personal guarantees by promoters on company debt(p.270)
- • Dependency on biomedical waste management regulatory compliance and authorization(p.251)
- • Concentrated shareholding among promoters(p.297)
- • Potential conflicts of interest between subsidiaries operating in same business(p.261)
- • Complex multi-entity corporate structure with inter-company transactions(p.259)
- • Significant reliance on contingent consideration payments linked to revenue targets of acquired hospitals(p.338)
- • Material goodwill impairment history; impairment of INR 5.25 Mn recognised on Hospital at Indore during H1 FY25(p.339)
- • High debt levels with borrowings of INR 3,736.82 Mn (INR 3,010.53 Mn non-current + INR 726.29 Mn current) as at 30 Sept 2024(p.314)
- • Significant lease liabilities indicating asset-light model dependency; total lease liabilities of INR 6,607.74 Mn as at 30 Sept 2024(p.314)
- • Promoter group members Sunita Rana Agarwal and Pankaj Sondhi have refused to provide information despite repeated attempts(p.306)
- • No dividend distribution history over six-month period ended September 30, 2024 and prior fiscal years(p.307)
- • Significant concentration of trade receivables among few customers(p.344)
- • Elevated provision for credit losses relative to gross receivables(p.344)
- • Significant non-controlling interest liabilities and complex debt structures(p.356)
- • High leverage with substantial lease liabilities(p.375)
- • Negative retained earnings and equity erosion from acquisitions(p.350)
- • High financial leverage with significant debt obligations(p.398)
- • Restrictive covenants in debt agreements limiting operational flexibility(p.399)
- • High dependence on doctor consultancy fees at 14.81% of revenue(p.407)
- • Corporate guarantees by parent company create additional obligations(p.384)
- • Concentration risk with substantial portion of revenue from surgeries(p.422)
- • Personal guarantees from promoters create personal liability exposure(p.384)
- • High finance costs impacting profitability(p.430)
- • Significant debt burden and high interest-bearing liabilities(p.434)
- • Dependence on acquisition strategy with integration risks(p.433)
- • Restated profit decline despite revenue growth(p.429)
- • High lease liability obligations from facility expansion(p.434)
Opportunities
- • Expand hub-and-spoke model to new geographic regions within India(p.45)
- • Continue inorganic growth through facility acquisitions(p.45)
- • Expand international operations in Africa and other markets(p.45)
- • Leverage growing eye care market with 11.5% CAGR(p.21)
- • Planned organic and inorganic expansion strategy(p.47)
- • Hub-and-spoke model scale potential(p.48)
- • Potential merger with listed subsidiary(p.51)
- • Geographic expansion into new markets(p.48)
- • International operations growth(p.69)
- • Strategic inorganic growth through acquisitions with ₹774.66 million allocated(p.133)
- • Expansion into emerging markets with 113 emerging facilities driving revenue growth(p.141)
- • De-leveraging through debt repayment of ₹1,950 million to improve financial position(p.129)
- • Leveraging public market listing to enhance brand image and market reach(p.128)
- • Growing patient base with 11.53 million patients served indicating strong demand(p.141)
- • Indian eye care market projected to grow 12-14% CAGR to reach ₹550-650 billion by FY28(p.175)
- • High burden of eye disorders with only 13-15% market share held by organized eye care chains(p.177)
- • Government initiatives like NPCB&VI driving cataract surgeries growth(p.191)
- • Rising income levels and health insurance penetration supporting affordability(p.178)
- • Aging population: 60+ demographic projected to increase from 8% in 2001 to 13% by 2030(p.178)
- • Medical tourism in India growing with 0.63 million medical tourists in 2023(p.179)
- • Expansion in large underpenetrated eye care market with high growth potential(p.229)
- • Large unmet demand from vision loss affected population(p.229)
- • Significant growth opportunity in organized eye care service chains(p.229)
- • Continued organic expansion through Primary Facility network(p.229)
- • Opportunistic inorganic growth through acquisitions in underpenetrated clusters(p.230)
- • Potential for synergistic merger with listed subsidiary(p.231)
- • Improving operational efficiency through technology platform integration(p.231)
- • Expansion of healthcare services portfolio through acquisitions(p.254)
- • International expansion through African subsidiary network(p.265)
- • Growth in emerging markets through strategic partnerships(p.256)
- • Development of healthcare technology and medical devices(p.261)
- • Expansion through acquisition of established regional eye care businesses(p.256)
- • Expansion into high-growth healthcare markets with acquisition of new hospitals demonstrating ongoing expansion strategy(p.337)
- • Increasing intangible asset base including trademarks and customer relationships to support market positioning(p.314)
- • Capital work-in-progress of INR 1,221.64 Mn indicates ongoing infrastructure development and capacity expansion(p.334)
- • International presence through African subsidiaries providing geographic diversification and growth potential(p.322)
- • Rapid industry growth with 12-14% CAGR projected through FY2028(p.402)
- • Large addressable market with 275M vision-impaired in India(p.402)
- • Organized market consolidation with organized chains at only 13-15% of market(p.402)
- • Significant expansion headroom with focus on tier-2 and tier-3 cities(p.405)
- • International expansion potential across Africa with 16 facilities in 9 countries(p.402)
- • Cross-referral opportunities between African facilities and Indian hubs(p.408)
- • Growth in government empanelment schemes increasing patient reach(p.408)
- • Continued geographic expansion with planned facility additions(p.433)
- • Leverage from newly acquired facility operating cash flows(p.435)
- • Growth potential from increased patient demand in seasonal periods(p.436)
Threats
- • Regulatory compliance risks and licensing requirements(p.25)
- • Pending approvals for material facilities affecting operations(p.41)
- • Exposure to political, economic and regulatory risks in African operations(p.45)
- • Evolving and potentially restrictive healthcare pricing regulations(p.43)
- • Accreditation dependency for government scheme participation(p.43)
- • Highly competitive eyecare industry(p.63)
- • Elective surgery volume dependency on macro conditions(p.66)
- • Regulatory changes in clinical establishment requirements(p.75)
- • Foreign exchange volatility on international revenue(p.70)
- • Inflation impact on operating costs(p.76)
- • Healthcare industry cost control proposals(p.65)
- • Macroeconomic headwinds and consumer purchasing power(p.74)
- • Competition Act enforcement and acquisition scrutiny(p.77)
- • Dependence on cash payor segment constituting 62.44% of revenues(p.141)
- • Competitive pressure with only 25% market share despite leadership position(p.140)
- • High finance costs impacting profitability with borrowings outstanding at ₹3,605.44 million(p.129)
- • Limited scale relative to multi-specialty healthcare peers with ₹13,321.52 million revenue versus Apollo's ₹190,592 million(p.140)
- • Paucity of ophthalmologists with only 1.8-1.9 per 100,000 persons vs need of 8.7 per 100,000(p.190)
- • Uneven distribution of healthcare workforce with concentration in urban areas(p.190)
- • Insufficient healthcare infrastructure in rural areas limiting access(p.190)
- • Supreme Court direction to regulate hospital procedure prices in private sector(p.190)
- • Out-of-pocket healthcare financing burden with 50% of health expenditure unfunded by insurance(p.190)
- • Intense competition from organized healthcare providers and organized eye care chains(p.245)
- • Regulatory changes to clinical establishment standards and requirements(p.247)
- • Potential impacts from price control regulations on pharmaceutical products(p.250)
- • Dependence on third-party suppliers for critical medical equipment and consumables(p.242)
- • Regulatory risk from consumer protection regulations on healthcare services(p.250)
- • Stringent environmental and pollution control regulations across jurisdictions(p.250)
- • Regulatory changes in labor laws affecting operational costs(p.252)
- • Evolving data protection and cybersecurity regulatory requirements(p.253)
- • Complex multi-jurisdictional regulatory compliance obligations(p.253)
- • Risk of authorization suspension or cancellation by regulatory authorities(p.251)
- • Taxation complexity across multiple jurisdictions and entities(p.253)
- • Significant contingent liabilities from acquisition agreements tied to future performance; potential undiscounted payments of INR 720 Mn(p.336)
- • Exposure to foreign currency translation risk with operations across multiple African countries(p.315)
- • Dependency on consultant doctors for service delivery; significant consultancy charges of INR 1,244.63 Mn in H1 FY25(p.315)
- • High finance costs of INR 554.30 Mn in H1 FY25 reflecting significant debt burden and interest obligations(p.315)
- • Operating cash burn despite profitability; capex of INR 4,661.85 Mn in H1 FY25 requiring significant funding(p.320)
- • Substantial contingent liabilities and unresolved legal claims(p.363)
- • Growing allowance for doubtful receivables requiring increasing provisions(p.345)
- • Exposure to interest rate risk from floating rate debt obligations(p.374)
- • Regulatory price controls on surgical procedures and consumables(p.408)
- • Increasing healthcare regulation and compliance requirements(p.408)
- • International operations expose to geopolitical and economic risks(p.40)
- • Competition from other eyecare service providers(p.405)
- • Dependence on medical talent and healthcare professionals availability(p.407)
- • Supply chain volatility for surgical consumables and pharmaceuticals(p.408)
- • Business subject to seasonal demand fluctuations(p.436)
- • Regulatory compliance risks across multiple jurisdictions(p.445)
- • Liquidity and credit risk from high trade receivables(p.435)
- • Pending litigation and unresolved regulatory matters(p.440)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Amar Agarwal | Promoter | 5.78% | 4.95% |
| Dr. Athiya Agarwal | Promoter | 6.99% | 5.99% |
| Dr. Adil Agarwal | Promoter | 5.71% | 4.61% |
| Dr. Anosh Agarwal | Promoter | 7.16% | 5.84% |
| Dr. Ashvin Agarwal | Promoter | 4.95% | 4.76% |
| Dr. Ashar Agarwal | Promoter | 0.16% | 0.16% |
| Dr. Agarwal's Eye Institute | Promoter | 5.00% | 4.29% |
| Dr. Agarwal's Eye Institute Private Limited | Promoter | 1.41% | 1.38% |
| Dr. Amar Agarwal | Promoter | — | — |
| Dr. Athiya Agarwal | Promoter | — | — |
| Dr. Adil Agarwal | Promoter | — | — |
| Dr. Anosh Agarwal | Promoter | — | — |
| Dr. Ashvin Agarwal | Promoter | — | — |
| Dr. Ashar Agarwal | Promoter | — | — |
| Dr. Agarwal's Eye Institute | Promoter Group | — | — |
| Dr. Amar Agarwal | Promoter | 5.78% | 4.95% |
| Dr. Athiya Agarwal | Promoter | 6.99% | 5.99% |
| Dr. Adil Agarwal | Promoter | 5.71% | 4.61% |
| Dr. Anosh Agarwal | Promoter | 7.16% | 5.84% |
| Dr. Ashvin Agarwal | Promoter | 4.95% | 4.76% |
| Dr. Ashar Agarwal | Promoter | 0.16% | 0.16% |
| Dr. Agarwal's Eye Institute | Promoter | 5.00% | 4.29% |
| Dr. Agarwal's Eye Institute Private Limited | Promoter | 1.41% | 1.38% |
| Hyperion Investments Pte. Ltd. | Promoter Group | 33.70% | — |
| Claymore Investments (Mauritius) Pte. Ltd. | Promoter Group | 15.71% | — |
| Arvon Investments Pte. Ltd. | Promoter Group | 12.44% | — |
| Dr. Amar Agarwal | Promoter | — | — |
| Dr. Athiya Agarwal | Promoter | — | — |
| Dr. Adil Agarwal | Promoter | — | — |
| Dr. Anosh Agarwal | Promoter | — | — |
| Dr. Agarwal Eye Institute | Promoter | — | — |
| Arvon Investments Pte. Ltd. | Promoter | 15.80% | — |
| Hyperion Investments Pte. Ltd. | Promoter | 15.80% | — |
| Dr. Amar Agarwal | Promoter | — | — |
| Dr. Adil Agarwal | Promoter | — | — |
| Dr. Anosh Agarwal | Promoter | — | — |
| Dr. Ashvin Agarwal | Promoter | — | — |
| Dr. Ashar Agarwal | Promoter | — | — |
| Dr. Agarwal's Eye Institute | Promoter Group | 4.62% | — |
| Temasek Holdings (Private) Limited | Institutional Shareholder | — | — |
| TPG | Institutional Shareholder | — | — |
| Dr. Amar Agarwal | Promoter | 5.78% | — |
| Dr. Athiya Agarwal | Promoter | 6.99% | — |
| Dr. Adil Agarwal | Promoter | 5.71% | — |
| Dr. Anosh Agarwal | Promoter | 7.16% | — |
| Dr. Ashvin Agarwal | Promoter | 4.95% | — |
| Dr. Ashar Agarwal | Promoter | 0.16% | — |
| Dr. Agarwal's Eye Institute | Promoter Group | 5.00% | — |
| Dr. Agarwal's Eye Institute Private Limited | Promoter Group | 1.41% | — |
| Dr. Amar Agarwal | Original Promoter | — | — |
| Dr. Athiya Agarwal | Original Promoter | — | — |
| Dr. Adil Agarwal | Original Promoter | — | — |
| Dr. Anosh Agarwal | Original Promoter | — | — |
| Dr. Ashvin Agarwal | Original Promoter | — | — |
| Dr. Adil Agarwal Family Trust | Promoter Group | — | — |
| Dr. Ashvin Agarwal Family Trust | Promoter Group | — | — |
| Dr. Ashar Agarwal Family Trust | Promoter Group | — | — |
| Dr. Anosh Agarwal Family Trust | Promoter Group | — | — |
| Dr. Amar Agarwal Family Trust | Promoter Group | — | — |
| Dr. Amar Agarwal | Promoter | 5.80% | — |
| Dr. Athiya Agarwal | Promoter | 7.01% | — |
| Dr. Adil Agarwal | Promoter | 5.73% | — |
| Dr. Anosh Agarwal | Promoter | 7.18% | — |
| Dr. Ashvin Agarwal | Promoter | 4.97% | — |
| Hyperion Investments Pte. Ltd. | Promoter Group | 33.80% | — |
| Claymore Investments (Mauritius) Pte. Ltd. | Promoter Group | 15.75% | — |
| Arvon Investments Pte. Ltd. | Promoter Group | 12.47% | — |
| Dr. Amar Agarwal | Promoter | — | — |
| Dr. Athiya Agarwal | Promoter | — | — |
| Dr. Adil Agarwal | Promoter | — | — |
| Dr. Anosh Agarwal | Promoter | — | — |
| Temasek Holdings (Private) Limited | Promoter Group | — | — |
| TPG | Promoter Group | — | — |
| Dr. Amar Agarwal | Promoter | — | — |
| Dr. Athiya Agarwal | Promoter | — | — |
| Dr. Adil Agarwal | Promoter | — | — |
| Dr. Anosh Agarwal | Promoter | — | — |
| Dr. Ashvin Agarwal | Promoter | — | — |
| Hyperion Investments Pte. Ltd. | Promoter Group/Investor Selling Shareholder | 33.70% | — |
| Arvon Investments Pte. Ltd. | Promoter Group/Investor Selling Shareholder | 12.45% | — |
| Dr. Amar Agarwal | Promoter | — | — |
| Dr. Athiya Agarwal | Promoter | — | — |
| Dr. Adil Agarwal | Promoter | — | — |
| Dr. Anosh Agarwal | Promoter | — | — |
| Dr. Ashvin Agarwal | Promoter | — | — |
Leadership
Dr. Adil Agarwal · Chief Executive Officer
Yashwanth Venkat · Chief Financial Officer
Thanikainathan Arumugam · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Dr Agarwal's Health Care IPO FAQs
What is the lot size of Dr Agarwal's Health Care IPO?
The minimum lot size of Dr Agarwal's Health Care IPO is 35 shares. One lot costs ₹14,070 at the cut-off price.
When does Dr Agarwal's Health Care IPO open and close?
Dr Agarwal's Health Care IPO opened for subscription on 29 Jan 2025 and closed on 31 Jan 2025.
What is the listing date of Dr Agarwal's Health Care IPO?
Dr Agarwal's Health Care IPO listed on 04 Feb 2025.