Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<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

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo received FDA approval for Datroway for the treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer who have received prior endocrine-based therapy and chemotherapy.</li>
<li>Sumitomo Pharma partnered with J&amp;J for co-promotion of the long-acting antipsychotic medication XEPLION. Shanghai Fosun Pharma’s proposed buyout of Shanghai Henlius Biotech for HK$5.4B (~$693M) failed to pass shareholders’ vote.</li>
<li>SK Bioscience signed a co-promotion and distribution agreement with Sanofi for RSV and hepatitis A vaccines. Hugel received approval for its botulinum toxin for five indications from the UAE.</li>
</ul>


Daiichi Sankyo received FDA approval for Datroway for the treatment of unresectable or metastatic hormone receptor (HR) positive, HER2 negative breast cancer who have received prior endocrine-based therapy and chemotherapy.
Sumitomo Pharma partnered with J&amp;J for co-promotion of the long-acting antipsychotic medication XEPLION. Shanghai Fosun Pharma’s proposed buyout of Shanghai Henlius Biotech for HK$5.4B (~$693M) failed to pass shareholders’ vote.
SK Bioscience signed a co-promotion and distribution agreement with Sanofi for RSV and hepatitis A vaccines. Hugel received approval for its botulinum toxin for five indications from the UAE.


APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

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.

<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

Nicholas Tan

Paras Healthcare Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paras-healthcare-limited" target="_blank" data-smartkarma-citation="entities:43788:1" rel="noopener">Paras Healthcare Limited (0490145D IN)</a>  is looking to raise up to US$180m in its upcoming India IPO.</li>
<li>It is the fifth largest healthcare provider in India with a core focus on providing affordable and quality, specialized tertiary medical care in Tier 2 and 3 cities.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Paras Healthcare Limited (0490145D IN)  is looking to raise up to US$180m in its upcoming India IPO.
It is the fifth largest healthcare provider in India with a core focus on providing affordable and quality, specialized tertiary medical care in Tier 2 and 3 cities.
In this note, we look at the firm's past performance.


Paras Healthcare Pre-IPO: Increasing Efficiency but Patients Are Spending Less

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

Max Healthcare Institute Limited operates a chain of hospitals. The Hospital offers urology, oncology, orthopaedics, eye care, dermatology, lung transplant, nutrition and dietetics, dental care, ganstroenterology, and rehabilitation services. Max Healthcare Institute serves patients in India.

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Max Healthcare Institute (MAXHEALT IN)

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

APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

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

Paras Healthcare Pre-IPO: Increasing Efficiency but Patients Are Spending Less

Paras Healthcare (PRH) is looking to raise up to US$180m in its upcoming India IPO. It is the fifth largest healthcare provider in India. In this...

Nicholas Tan

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

APAC Healthcare Weekly (Jan 26)- Daiichi Sankyo, Sumitomo Pharma, Fosun Pharma, SK Bioscience, Hugel

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

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

Paras Healthcare Pre-IPO: Increasing Efficiency but Patients Are Spending Less

Paras Healthcare (PRH) is looking to raise up to US$180m in its upcoming India IPO. It is the fifth largest healthcare provider in India. In this...

Nicholas Tan

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....