TPG, Temasek book US$272.7M selling 13% of Dr Agarwals
What's the deal? Private equity firms TPG and Temasek sold a combined 12.64% stake in eye care chain Dr Agarwals Health CareDealroom has a profile for this one. Try Dealroom → for US$272.7M on Wednesday. The two offloaded over 4 crore shares via open market transactions on the NSE, priced between US$6.8 and US$6.81 apiece.
Why now? The sale followed strong June-quarter results. Consolidated profit after tax rose 44.6% year-on-year to US$7.47M, while revenue grew 26% to US$83.4M.
The market move: Shares fell nearly 6% to close at US$6.94. Even so, the exit price values the stock roughly 25% above its US$5.46 IPO price from February 2025, when the company raised US$411.1M.
TPG, through Hyperion InvestmentsDealroom has a profile for this one. Try Dealroom →, cut its holding to 15.47% from 23.09%. Temasek's Claymore InvestmentsDealroom has a profile for this one. Try Dealroom → dropped to 5.17% from 10.19%. Both remain the largest public shareholders.
Who's buying? ICICI Prudential Mutual FundDealroom has a profile for this one. Try Dealroom →, Invesco Mutual FundDealroom has a profile for this one. Try Dealroom →, Polar CapitalDealroom has a profile for this one. Try Dealroom →, and Allianz Global InvestorsDealroom has a profile for this one. Try Dealroom → together picked up over 1.51 crore shares — nearly a 5% stake — for US$103.4M. Buyers of the remaining shares could not be identified on the exchange.
What's the endgame? The Chennai-based chain expanded to 304 facilities across 10 countries last quarter, its largest-ever quarterly rollout of surgical centres. It holds close to a 25% share of India's organised eye care services market, according to industry estimates.
The signal: The partial exit lets TPG and Temasek lock in gains three years after their 2022 investment of over US$142.6M — then the largest fundraise in India's eyecare sector — while keeping meaningful skin in the game.
Read more: Newspoint
Image credit: Generated with Gemini
