Agilus Diagnostics Ltd has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

The maiden public issue is entirely an offer for sale (OFS) of 1.42 crore equity shares by International Finance Corp, NYLIM Jacob Balls India Fund III LLC, and Resurgence PE Investments Ltd, according to the draft red herring prospectus (DRHP).

Since the IPO is entirely an OFS, the entire proceeds will go to the existing shareholders.

Agilus Diagnostics, formerly known as SRL Ltd, is one of the largest diagnostics service providers in terms of number of laboratories and the second largest in terms of revenue from operations in India, as of financial year ended March 31, 2023, according to a Crisil report.

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As of March 31, 2023, it had a network of 413 laboratories out of which 43 laboratories were accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL).

The company has an international presence across the Middle East, Sub-Saharan Africa, the Commonwealth of Independent States, and the South Asian Association for Regional Cooperation (SAARC) region.

In Fiscal 2023, it performed 3.9 crore tests and served 1.66 crore patients in India and internationally, as per the draft papers filed on Friday.

ICICI Securities, Axis Capital, and Citigroup Global Markets India are the book-running lead managers to the issue.