IPO Details
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Schedule of Agilus Diagnostics IPO
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Allotment of bids
Refund Initiation
Listing on exchange
About Agilus Diagnostics Ltd IPO
The IPO of Agilus Diagnostics Ltd is a 100% book-built offer that comprises only an offer for sale. It has no fresh issue. The offer for sale is up to 14,233,964 equity shares.
Objectives of Agilus Diagnostics Ltd IPO
The selling shareholders will be entitled to the entire proceeds of the offer after deducting the offer expenses and relevant taxes. The company will not receive any proceeds from the offer. The objects of the offer are to:
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Achieve the benefits of listing the equity shares on the stock exchanges.
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Carry out the offer for sale of up to 14,233,964 equity shares by the selling shareholders namely International Finance Corporation, NYLIM Jacob Ballas India Fund III LLC and Resurgence PE Investments Ltd to meet the obligations to provide an exit to such selling shareholders by the company and its promoter under the 2012 Shareholders’ Agreement read with the Amendment agreement.
Agilus Diagnostics Ltd IPO Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | NA |
Offer for Sale | Up to 14,233,964 equity shares |
EPS (in ₹) for FY 23 | 14.87 (Basic) |
Agilus Diagnostics Ltd Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not more than 50% of the offer |
Non-institutional Bidders | Not less than 15% of the offer |
Retail Individual Bidders | Not less than 35% of the offer |
Industry Outlook
The diagnostics industry is poised for substantial growth between Fiscals 2023 and 2028. The overall industry is expected to reach a market size of ₹1150-1250 billion, logging a CAGR of 8-10%. Several factors contribute to this outlook.
Firstly, growth is supported by rising literacy rates and disposable income among the population, leading to increased awareness and demand for quality healthcare services, including diagnostics. Further, a rise in urbanisation, coupled with, that in lifestyle-related diseases and ageing population, will create a greater need for accurate and timely diagnostics to identify and manage health issues effectively.
Company Information
Agilus Diagnostics Ltd is the largest diagnostics service provider in terms of number of laboratories and the second largest in terms of revenue from operations in India as of and for the financial year ended March 31, 2023. As of March 31, 2023, the company had a network of 413 laboratories out of which 43 laboratories were accredited by National Accreditation Board for Testing and Calibration Laboratories (NABL).
It offers diagnostics testing services (routine and specialised tests), wellness and preventive care packages, hospital laboratory management services and clinical research trial testing services.
Strengths of Agilus Diagnostics Ltd IPO
Experienced Pan-India Diagnostics Service Provider with a Diversified Presence and a Growing Network that is Well-positioned to Capitalise on the Expected Growth in the Indian Diagnostics Industry
With a widespread network of 413 laboratories as of March 31, 2023, the company served 1.662 crore patients in Fiscal 2023 and conducted an average of 107,043 diagnostics tests per day in Fiscal 2023.
Comprehensive Test Offerings Providing One Stop Solution for Diagnostic Requirements
Agilus Diagnostics Ltd offers a comprehensive test menu across pathology and radiology segments, with over 3,600 tests, as of March 31, 2023, comprising routine and specialised tests. It has performed over 30 crore tests since 2008. In Fiscals 2021, 2022 and 2023, it performed 2.353 crore, 4.418 crore and 3.907 crore tests, respectively.
Advanced Information Technology Platform Supported by Integrated Systems Enabling Customer-centric Initiatives
The company’s centralised information technology platform, CLIMS, enables:
- Automation of its laboratories, CTPs and other business processes
- Seamless customer experience by centralising the home visit bookings and allocations
- Seamless integration with other information technology systems
It’s also the first laboratory chain in India to integrate its own laboratory management system with Ayushman Bharat Digital Mission under the National Health Authority in Fiscal 2021.
Quality Network of Accredited Laboratories Supported by R&D Capabilities Focused on Genomics and Next-generation Diagnostics
Agilus Diagnostics Ltd had the largest NABL accredited network of laboratories in India, as of March 31, 2023. As of March 31, 2023, 43 of its laboratories have obtained accreditations from NABL in the field of medical testing. Three of its laboratories in India have also been recognised under NABL Medical (Entry Level) Testing Labs Programme and its laboratories in Mumbai and Dubai have also been accredited by CAP.
Risks of Agilus Diagnostics Ltd IPO
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The company is subject to various operational, reputational, medical and legal claims, regulatory actions or other liabilities arising from the provision of healthcare services and may be subject to liabilities arising from claims of malpractice and medical negligence which could adversely affect its business, results of operations and financial condition.
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The industry in which Agilus operates is highly regulated and requires it to obtain, renew and maintain statutory and regulatory permits, accreditations, licenses and comply with applicable safety, health, environmental, labour and other governmental regulations. Any regulatory changes or violations of such rules and regulations may adversely affect its business, results of operations and financial condition.
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Any interruption at its laboratories including its global reference laboratory (GRL) and regional reference laboratories (RRLs), customer touch points (CTPs) and pick-up points may affect its ability to process diagnostics tests, which in turn may adversely affect its business, results of operations and financial condition.
All Financial Information about Agilus Diagnostics
Particulars (in Rs. crore)
Particulars (in Rs. crore)
Comparison with peers
| Parameter (for FY 23) | Agilus Diagnostics Ltd | Dr Lal Path Labs | Metropolis | Thyrocare | Vijaya Diagnostic |
|---|---|---|---|---|---|
Revenue from Operations (in ₹ crore) | 1347.462 | 2016.90 | 1152.733 | 527.060 | 459.229 |
P/E | NA | 83.19 | 51.09 | 46.85 | 56.37 |
Return on Net Worth (in %) | 6.61 | 14.90 | 15.26 | 12.12 | 16.77 |
Basic EPS in ₹ | 14.87 | 28.82 | 27.91 | 12.16 | 8.29 |
IPO Registrar and Book Running Lead Managers
KFin Technologies Ltd is the registrar of Agilus Diagnostics Ltd IPO. The book running lead managers are:
- ICICI Securities Limited
- Axis Capital Limited
- Citigroup Global Markets India Private Ltd
Business Model
Agilus Diagnostics Ltd offers a comprehensive range of over 3,600 routine and specialised diagnostics tests as well as wellness packages that cover an extensive range of specialties. Its wellness centres are dedicated towards providing holistic and comprehensive preventive healthcare and wellness services to its customers, while its Centres of Excellence (CoEs) are focused on histopathology, transplantation immunology and molecular pathology.
Company Growth Trajectory
The company’s revenue from operations stood at ₹1347.462 crore in FY 23, up from ₹1035.073 crore in FY 21. Its EBITDA in FY 23 stood at ₹262.626 crore as against ₹244.204 crore in FY 21.
Market Position
India’s largest diagnostics service provider in terms of number of laboratories and the second largest in terms of revenue from operations as of 31st March 2023, Agilus Diagnostics Ltd has built an extensive diagnostics network spread across 25 states and five union territories in India (covering over 1,000 towns and cities and over 532 districts in India), operating on a hub-and spoke model.
The company also has an international presence across the Middle East, Sub-Saharan Africa, Commonwealth of Independent States and the South Asian Association for Regional Cooperation (SAARC) region.
Agilus Diagnostics Ltd Profit and Loss
| Parameter | FY 23 | FY 22 | FY 21 |
|---|---|---|---|
Total Income (in ₹ crore) | 1371.102 | 1618.347 | 1060.694 |
Profit Before Tax (in ₹ crore) | 158.205 | 636.354 | 180.346 |
EBITDA (in ₹ crore) | 262.626 | 732.395 | 244.204 |
Basic EPS in ₹ | 14.87 | 70.73 | 16.74 |
Agilus Diagnostic Ltd Cash Flow Statement
| Parameter | FY 23 | FY 22 | FY 21 |
|---|---|---|---|
Profit Before Tax (in ₹ crore) | 158.205 | 636.354 | 180.346 |
Net Cash Generated from Operating Activities (in ₹ crore) | 191.135 | 294.850 | 176.621 |
Net Cash (used in)/Generated from Investing Activities (in ₹ crore) | (107.198) | (398.365) | 37.465 |
Net Cash Used in Financing Activities (in ₹ crore) | (74.166) | (33.514) | (26.394) |
Cash and Cash Equivalents at the end of the Year | 113.744 | 103.578 | 226.616 |
How to Check Allotment Status of Agilus Diagnostics Ltd IPO?
You can check the allotment status of this IPO through the BSE website or through its registrar portal. To check the status on the BSE website:
- Visit the BSE website
- Click on “Investor Services” and choose “Application Status Check”
- Choose the issue type — Equity or Debt
- Select the Issue Name from the drop-down.
- Enter your application number or PAN number
- Check the box that says “I’m not a Robot” and click on “Search” to know the allotment status
To find out the allotment status from the registrar’s website:
- Visit the website of KFin Technologies Ltd
- Choose IPO allotment status from “Products’ dropdown
- Click on any of the links
- Select the IPO
- Input either your application number, PAN number or Demat number
- Enter captcha and click on Submit
How To Apply for Agilus Diagnostics Ltd IPO?
Here are the steps to apply for Agilus Diagnostics Ltd IPO:
Step 1: Log in to your Kotak Securities Demat account Log in to your Demat account to access IPO investments. Next, select the current IPO section.
Step 2: Specify IPO details Enter the number of lots and the price you wish to apply for.
Step 3: Enter UPI ID After entering your UPI ID, click submit. This will place your bid with the exchange.
Step 4: Mandate Notification Your UPI app will receive a mandate notification to block funds.
Step 5: Approve Request Your funds will be blocked once you approve the mandate request on your UPI.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Agilus Diagnostics IPO FAQs
What is the Agilus Diagnostics Ltd IPO?
The IPO of Agilus Diagnostics Ltd comprises an offer for sale of up to 14,233,964 equity shares. It’s a 100% book-built issue.
What is the bid period of Agilus Diagnostics Ltd IPO?
The bid period is yet to be announced.
