Dr Agarwal Health Care, backed by Temasek Holdings and TPG, has filed its draft red herring prospectus (DRHP) with SEBI to raise funds through an IPO. The IPO includes a fresh issue of up to ₹300 crore and an offer for sale of up to 69.57 million equity shares by promoters and shareholders. It also reserves shares for eligible employees.

The offer for sale includes shares from Amar Agarwal, Athiya Agarwal and other family members, along with shares from investors like Arvon Investments, Claymore Investments, and Hyperion Investments. The company may consider a pre-IPO placement of up to 20 per cent of the fresh issue size, according to a statement.

Proceeds from the fresh issue will be used for debt repayment, corporate purposes, and acquisitions. Dr Agarwal Health Care, led by Chairman Amar Agarwal, offers a range of eye care services, including cataract and LASIK surgeries, diagnosis and the sale of optical products. The company has a network of 180 facilities, with 165 in India and 15 across nine African countries.

According to a Crisil report, Dr Agarwal Health Care held about 25 per cent of the Indian eye care market in FY 2024, compared to competitors ASG Hospitals and Centre for Sight. The company’s network operates on a “hub and spoke” model, enabling deeper geographic penetration.

In FY 2024, Dr Agarwal Health Care treated 2.13 million patients and performed over 2,20,000 surgeries. The company’s revenue grew by 30.86 per cent from ₹1,017.98 crore in FY 2023 to ₹1,332.15 crore in FY 2024, with a profit of ₹95.05 crore. The Indian eye care industry is projected to grow at a CAGR of 12-14 per cent from 2024 to 2028, reaching a size of ₹55,000-65,000 crore.

Kotak Mahindra, Morgan Stanley, Jefferies, and Motilal Oswal are the lead managers for the IPO, while KFin Technologies is the registrar.