Agilus Diagnostics Withdraws IPO Plans, SEBI Halts Asirvad Micro Finance IPO

23 Feb 2024 , 11:11 AM

Gurugram-based diagnostics company Agilus Diagnostics, formerly known as SRL, decided to withdraw its initial public offering (IPO) plan on February 12.

The Agilus Diagnostics IPO solely comprised an offer-for-sale (OFS) of 1,42,33,964 equity shares by existing shareholders, lacking a fresh issue component.

The selling shareholders in the OFS included International Finance Corporation, NYLIM Jacob Ballas India Fund III LLC, and Resurgence PE Investments.

The Securities and Exchange Board of India (SEBI) confirmed the withdrawal of Agilus Diagnostics’ public issue on February 12, according to the processing status of draft offer documents published on February 16.

Agilus Diagnostics, a prominent diagnostics service provider in India with a network of 413 laboratories, submitted its draft red herring prospectus to SEBI on September 29, 2023.

According to the draft red herring prospectus (DRHP), Fortis Healthcare, the promoter, held a 57.68% stake in Agilus Diagnostics, while the remaining 42.32% was held by public shareholders.

Major shareholders included NYLIM Jacob Ballas India Fund III LLC with a 15.86% stake, Resurgence PE Investments with 8.05%, and International Finance Corporation with a 7.61% stake at the time of filing. Additionally, SEBI has put the Asirvad Micro Finance IPO on hold; this entity is a subsidiary of Manappuram Finance.

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