Cyril Amarchand Mangaldas (“CAM”) acted as the Indian legal counsel to Dr. Agarwal’s Health Care Limited (“Company”) on its initial public offer of 75,304,970 equity shares for cash at a price of Rs. 402 per equity share aggregating to Rs. 30,272.60 million (“Offer”), comprising fresh issue of 7,462,686 equity shares aggregating to Rs. 3,000.00 million and offer for sale by certain selling shareholders of 67,842,284 equity shares aggregating to Rs. 27,272.60 million. We also advised the Promoter Selling Shareholders and Other Selling Shareholders in their offer for sale of 13,855,532 equity shares aggregating to Rs. 5,569.92 million, pursuant to the Offer. The Company provides a comprehensive range of eye care services, including cataract, refractive and other surgical procedures, along with consultations, diagnostics, non-surgical treatments, and sales of optical products, contact lenses, accessories, and eye care related pharmaceutical products.
The book running lead managers of this deal were Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, Jefferies India Private Limited and Motilal Oswal Investment Advisors Limited.
The transaction team was led by Yash Ashar, Senior Partner; Reuben Chacko, Partner (Regional Co-Head – Capital Markets – South); Abhiroop Lahiri, Partner; with support from Tanvi Kini, Principal Associate; Sravya Surapaneni, Senior Associate; Vishesh Jain, Associate; Anna Kallivayalil, Associate; Rakshitha V, Associate; and Julia Joseph, Associate.
Team representing Promoter Selling Shareholders: Vartika Jain, Counsel; and Surya Rajkumar, Associate.
Ashwin Sapra, Partner (Head- Pharma & Healthcare) advised on certain sector specific aspects of the transaction.
The transaction was signed on 5th March, 2024 and closed on 4th February, 2025.