IPO opens for Agilus Diagnostics Ltd

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IPO opens for Agilus Diagnostics Ltd

The offering is solely an offer for sale by current shareholders, including International Finance Corporation, NYLIM Jacob Ballas India Fund III and Resurgence PE Investments.

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

The offer for sale carries up to 2,985,075 shares from International Finance Corporation, up to 7,462,700 equity shares from NYLIM Jacob Ballas India Fund III, and up to 3,786,189 equity shares from Resurgence PE Investments.

SRL Diagnostics, a joint venture of Fortis Healthcare, has established itself as the biggest diagnostics service provider in India by the number of laboratories. It also ranks second in revenue from operations for the year ending March 31, 2023, according to a CRISIL report.

The company operates in various regions such as the Middle East, the Sub-Saharan Africa, the Commonwealth of Independent States and the South Asian Association for Regional Cooperation. Agilus Diagnostics conducted approximately 39.07 million tests and served 16.62 million patients both in India and abroad, according to the draft Red Herring Prospectus.