Agilus Diagnostics to Raise Capital Through IPO, Files DRHP

3 Oct 2023 , 11:05 AM

Agilus Diagnostics Ltd has taken the initial steps to raise capital through an initial public offering (IPO) by filing preliminary papers with the capital markets regulator Sebi. This maiden public issue consists entirely of an offer for sale (OFS) of 1.42 crore equity shares by International Finance Corp, NYLIM Jacob Balls India Fund III LLC, and Resurgence PE Investments Ltd, as outlined in the draft red herring prospectus (DRHP).

Since the IPO is exclusively an OFS, all the proceeds from the offering will go to the existing shareholders.

Agilus Diagnostics, previously known as SRL Ltd, is one of India’s largest diagnostic service providers, both in terms of the number of laboratories and revenue from operations, according to a Crisil report for the financial year ending March 31, 2023.

As of March 31, 2023, the company operated a network of 413 laboratories, with 43 of them accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL).

Agilus Diagnostics has a global presence in regions such as the Middle East, Sub-Saharan Africa, the Commonwealth of Independent States, and the South Asian Association for Regional Cooperation (SAARC).

ICICI Securities, Axis Capital, and Citigroup Global Markets India have been appointed as the book-running lead managers for the IPO.