APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Dr Agarwal's Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.</li>
<li>The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.</li>
<li>The company's proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.</li>
</ul>


Dr Agarwal's Health Care is looking to raise ~$350M from its upcoming India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402.
The company intends to utilize INR1.95B out of the fresh issue proceeds to repay its debts, which stand at INR3.61B as of December 31, 2024.
The company's proven capability to scale up the operation amid cut-throat competition and profitable business operation enhance our conviction on the long-term growth prospect of the company.


Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$480m in its upcoming India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$480m in its upcoming India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we talk about the company’s historical performance.


Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Equity Bottom-Up

Aster DM Healthcare Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.</li>
<li>Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.</li>
<li>The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.
Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.
The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.


2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

India

Fortis Healthcare Ltd. is a health care provider.  The Company operates multi- specialty hospitals, a boutique-style hospital, and various satellite and heart command centers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fortis Healthcare (FORH IN)

Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Healthcare raised around US$350m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....

Tina Banerjee

Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Dr Agarwal’s Healthcare is looking to raise about US$480m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM is merging with Blacksone and TPG-backed Quality Care India Limited, one of the largest privately held hospital chains in India with a...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Healthcare raised around US$350m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

Dr Agarwal's Health Care IPO: Profitable Business Expansion Amid Favorable Demand to Drive Growth

​Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....

Tina Banerjee

Dr Agarwal’s Healthcare Pre-IPO - Strong Revenue Growth Led by Expanding Network of Facilities

Dr Agarwal’s Healthcare is looking to raise about US$480m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM is merging with Blacksone and TPG-backed Quality Care India Limited, one of the largest privately held hospital chains in India with a...

Tina Banerjee

Dr Agarwal's Health Care plans to raise $350M in India IPO, which is a combination of fresh issue and OFS. The IPO price band is INR382–402....