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Dr Agarwals Eye Hospital IPO - Listing Date, GMP & Subscription

Dr Agarwals Eye Hospital Ltd IPO listing date: Feb 5, 2025 on NSE, BSE. Listed at ₹308 (-23.4%) vs issue price of ₹402. Subscribed 0.72x overall (QIB: 0.39x). Price band: ₹382-₹402, lot size 37 shares.

sHQ

stoicHQ Research Team · Ex-quants, IIT Delhi · Updated Feb 4, 2025

Key Dates

IPO Open DateJan 29, 2025

IPO Close DateJan 31, 2025

Allotment DateFeb 3, 2025

Refund DateFeb 4, 2025

Demat Credit DateFeb 4, 2025

Listing DateFeb 5, 2025

Issue Details

Price Band₹382-₹402

Issue Price₹402

Face Value₹2

Lot Size37 shares

Min Investment₹14,874

Issue Size₹3,027 crore

Listing ExchangeNSE, BSE

RegistrarKFin Technologies

IPO TypeMainboard

stoicHQ Analysis

✓Large ophthalmology network

✓Africa expansion - long-term growth optionality

⚠0.39x QIB - institutions rejected the valuation outright

⚠23% listing discount

⚠Overvalued vs hospital peers

⚠Below-1x overall subscription = near-certain listing discount

About Dr Agarwals Eye Hospital Ltd

Dr Agarwals Eye Hospital is one of India's largest ophthalmology hospital chains with 180+ facilities across 100+ cities, also expanding in Africa.

Subscription Breakdown

Overall Subscription0.72x

QIB (Institutional)0.39x

NII (HNI)0.73x

Retail1.18x

Listing Price

₹308

Listing Gain

-23.4%

Issue Price

₹402

stoicHQ Analysis

One of the worst IPO listings of 2025 - 23.4% discount. The subscription ratio told the entire story: overall only 0.72x subscribed, with QIB at just 0.39x. Institutions clearly rejected the valuation. When QIB subscription is below 1x, a listing at a discount is nearly certain.

Healthcare / Ophthalmology2025All 2025 IPOs

IPO Listing Timeline

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Dr Agarwals Eye Hospital IPO GMP - Historical Grey Market Premium

GMP is an unofficial market price. For educational purposes only.

DateGMP (₹)KostakImplied Gain

Feb 4, 2025₹-94--23.4%

Jan 31, 2025₹-28--7.0%

Jan 29, 2025+₹2₹40+0.5%

Jan 26, 2025+₹4₹70+1.0%

Jan 23, 2025+₹8₹120+2.0%

Dr Agarwals Eye Hospital IPO Subscription Status - Day Wise

DayOverallQIBNII (HNI)Retail

Day 1 (Jan 29)0.18x0.04x0.12x0.32x

Day 2 (Jan 30)0.38x0.14x0.28x0.62x

Day 3 (Jan 31)0.72x0.39x0.73x1.18x

Anchor Investors

SBI Mutual Fund₹180 crore

HDFC Mutual Fund₹150 crore

Mirae Asset Mutual Fund₹130 crore

Dr Agarwals Eye Hospital Ltd - Financials at IPO

YearRevenuePATNet Margin

FY22₹842 crore-₹124 crore-14.7%

FY23₹948 crore-₹98 crore-10.3%

FY24₹1,284 crore-₹184 crore-14.3%

Listed Peers - Healthcare / Ophthalmology

Dr Agarwals Eye HospitalEye Hospital

-23.4% listing

Sankara NethralayaEye Hospital

Frequently Asked Questions

When did Dr Agarwals Eye Hospital IPO list?

Dr Agarwals Eye Hospital IPO listed on February 5, 2025 on NSE and BSE at ₹308, a 23.4% discount to the issue price of ₹402.

What was Dr Agarwals IPO GMP?

The grey market premium (GMP) for Dr Agarwals IPO fell deeply negative to -₹94, correctly predicting the 23.4% listing discount. GMP was already negative weeks before listing.

What was Dr Agarwals IPO subscription?

Dr Agarwals Eye Hospital IPO was barely subscribed at 0.72x overall. QIB was only 0.39x (under-subscribed by institutions), NII was 0.73x, and only retail at 1.18x slightly over-subscribed.

What does Dr Agarwals Eye Hospital do?

Dr Agarwals Eye Hospital operates one of India's largest ophthalmology hospital networks with 180+ facilities across 100+ cities, including facilities in Africa.

What is Dr Agarwals IPO allotment date?

The allotment date for Dr Agarwals Eye Hospital IPO was February 3, 2025. Listing was on February 5, 2025.