Agilus Diagnostics Ltd has submitted preliminary documents to Sebi for an initial public offering (IPO). The IPO 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 DRHP.
Since this IPO is solely an OFS, all proceeds will benefit existing shareholders. Agilus Diagnostics, formerly known as SRL Ltd, ranks among India’s largest diagnostics service providers in terms of the number of laboratories and stands as the second largest in revenue from operations, based on data up to March 31, 2023, as reported by Crisil.
As of March 31, 2023, the company boasted a network of 413 laboratories, including 43 accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL). Agilus Diagnostics also maintains a global presence across regions such as the Middle East, Sub-Saharan Africa, the Commonwealth of Independent States, and the South Asian Association for Regional Cooperation (SAARC).
In Fiscal 2023, the company conducted 3.9 crore tests and served 1.66 crore patients both within India and internationally, according to the draft documents filed on Friday. ICICI Securities, Axis Capital, and Citigroup Global Markets India will serve as the book-running lead managers for this offering.