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The basis of allotment for Dr Agarwal’s Health Care and Infra Solutions IPO shares is likely to be finalised today, Monday, February 3, 2025. The public offering closed for subscription on Friday, January 31, 2025, receiving muted participation from investors and getting oversubscribed by 1.55 times. 

Once the Dr Agarwal’s Health Care IPO allotment is finalised, investors can check their status on the official websites of BSE, NSE, or Kfin Technologies, the registrar for the issue.

Dr Agarwal’s Health Care IPO final subscription status

Rs 220.50 crore public offering of Dr Agarwal’s Health Care, offered at a price band of Rs 279-294 with a lot size of 50 shares, received bids for 8,32,18,380 shares against the 5,35,26,172 shares offered, resulting in an oversubscription of 1.55 times by the end of the subscription period, as per data available on the NSE.

Dr Agarwal’s Health Care IPO witnessed the highest demand from Qualified Institutional Buyers (QIBs), who subscribed to 4.64 times the quota reserved for them. This was followed by Retail Individual Investors (RIIs) and Non-Institutional Investors (NIIs), who bid for 0.41 times and 0.40 times, respectively. 

Dr Agarwal’s Health Care IPO grey market premium (GMP) today

In the grey market, the premium for Dr Agarwal’s Health Care unlisted shares dropped on Monday. The company’s shares were trading at around Rs 402.5 apiece, reflecting a grey market premium (GMP) of merely Rs 0.5 or 0.12 per cent over the upper end of the issue price. Dr Agarwal’s Health Care IPO GMP today is lower than the Rs 12 recorded yesterday when the issue opened for subscription, according to sources tracking grey market activities.

The current GMP trends indicate a lackluster listing for Dr Agarwal’s Health Care shares, scheduled to debut on the BSE and NSE on Wednesday, February 5, 2025. However, these estimates may vary, as the grey market is unregulated, and GMP should not be considered a reliable indicator of performance. 

Dr Agarwal’s Health Care

Dr Agarwal’s Health Care, incorporated in 2010, provides comprehensive eye care services. The company operates 193 facilities across India, employing around 737 doctors as of September 30, 2024. Its services include cataract and refractive surgeries, consultations, and optical products. Dr Agarwal’s Health Care has a presence in 117 cities across 14 states and four union territories.

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Flagship cryptocurrency, Bitcoin, which scaled a record high on optimism fueled by Donald Trump’s return to the White House as the 47th US President, tumbled sharply on Monday, February 3, 2025, as investors fretted over the economic impact of Trump’s recent tariff announcements. Notably, Trump has signed executive orders imposing new tariffs, including 25 per cent on Canada and Mexico, and 10 per cent on China. 

The trade policies, analysts said, could fuel volatility across risk assets, including cryptocurrencies. 

“The crypto market had a strong reaction to Trump imposing import tariffs on goods amid rising inflation concerns. After Bitcoin recorded its first monthly close above $100,000 in January 2025, it is now consolidating between $91,200 and $94,800,” said Edul Patel, CEO and co-founder of Mudrex, a crypto exchange platform.

Bitcoin dropped nearly 7 per cent in the last 24 hours. As of 10:50 AM on Monday, February 3, Bitcoin was trading at around $93,434.78 on Binance.com, down 6.42 per cent from the previous day. Bitcoin’s 24-hour trading volume stood at $92.71 billion. The world’s most popular cryptocurrency’s all-time high remains $109,114.88. 

The impact of the sell-off extended to other cryptocurrencies. Ethereum was down 20 per cent, trading at approximately $24,468. Binance Coin (BNB) slipped 16 per cent to $545, while XRP tumbled 24 per cent to $2.15. Solana also faced selling pressure, declining 8.62 per cent to $190.46. These price movements are based on data from Binance.com.

Going ahead, analysts caution that the reactions of other nations, particularly the UK and BRICS countries, will further shape market volatility. Investors, they added, should remain cautious as additional tariffs may drive Bitcoin lower before it resumes its upward momentum. 

Sumit Gupta, co-founder of CoinDCX, meanwhile, believes such measures can introduce significant volatility in the near-term. However, the broader future of crypto, including Bitcoin, must be considered through a long-term lens, he added. 

“Geopolitical shifts like the ones unfolding now create an environment where traditional markets may experience heightened instability, driving investors to seek alternative assets,” Sumit Gupta of CoinDCX said.

This is particularly true as the US dollar strengthens and international trade dynamics shift. While the current tariffs are straining China’s export-driven economy, they may also accelerate global interest in decentralised assets like crypto, which act as a hedge against inflation and market unpredictability, he added. 

In times of economic uncertainty such as during past US-China trade conflicts, analysts believe digital assets gained traction as a store of value, much like gold did in previous crises. For investors, the key takeaway is that crypto, with its ability to act as a non-correlated asset, may become increasingly attractive as global macroeconomic trends unfold, they said.

“However, given the volatility, it is important for investors to be cautious, conduct thorough due diligence, and take a long-term perspective,” Gupta said. 

Going ahead, in the near-term, Edul Patel of Mudrex expects Bitcoin to see a low of $89,000 before resuming its upward momentum.

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Jindal Steel & Power Ltd (JSPL) share price plunged 13.82 per cent at Rs 723.95 a piece on the BSE in Friday’s intraday trade after the company’s profitability declined due to rising costs and compressed margins in third quarter of financial year 2024-25 (Q3FY25). 

The company reported a revenue of Rs 11,750.7 crore for the quarter, reflecting a marginal 0.4 per cent increase compared to Rs 11,700 crore Y-o-Y. Ebitda stood at Rs 2,184 crore, compared to Rs 2,843 crore Y-o-Y, with an Ebitda margin of 18.59 per cent, compared to 24.30 per cent Y-o-Y. 

However, adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) dropped by 23.2 per cent to Rs 2,183.9 crore from Rs 2,843 crore Y-o-Y, due to increased operational expenses and pricing challenges. Ebitda margin came in at 18.59 per cent in Q3FY25, compared to 24.30 per cent in Q3FY24.

Net profit declined 50.7 per cent Y-o-Y to Rs 950 crore in Q3FY25 compared to Rs 1,928 crore Y-o-Y. Sequentially, the profit grew 10.4 per cent against Rs 860 crore in Q2FY25.  

JSPL’s net debt rose to Rs 13,551 crore as of December 31, 2024, up from Rs 12,464 crore in the previous quarter, pushing its net debt-to-Ebitda ratio to 1.40x. 

The company’s steel production reached 1.99 million tonnes (MT), up 3 per cent Y-o-Y, while steel sales stood at 1.90 MT, marking a 5 per cent Y-o-Y increase. Exports accounted for 7 per cent of total sales. For the nine months ending December 2024, the company recorded a gross revenue of Rs 42,519 crore and a net profit of Rs 3,149 crore.

On the equities front, JSPL share price has underperformed the market, falling 23 per cent in the last six months, while rising 0.4 per cent in the last one year. In comparison, the BSE Sensex has slipped 5.7 per cent in the last six months, while rising 7.3 per cent in the last one year.  

JSPL has a total market capitalisation of Rs  77,781.72 crore. Its shares are listed at a price to earnings multiple of 15.20 and at an earning per share of Rs 50.15, according to BSE.  

At 10:09 AM, the stock price of the company was down 10.06 per cent at Rs 755.55 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.28 per cent to 76,972.48 level.

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Ircon International shares rose 3.9 per cent on Friday, logging an intraday high at Rs 210.55 per share on BSE. The buying of the stock came after the company’s joint venture received an EPC contract worth Rs 631.2 crore. 

Around 11:08 AM, Ircon share price was up 3.23 per cent at Rs 209.15 per share on BSE. In comparison, the BSE Sensex was up 0.62 per cent at 77,233.92. The market capitalisation of the company stood at Rs 19,670.89 crore. The 52-week high of the stock was at Rs 351.65 per share and the 52-week low was at Rs 175.25 per share. 

The Amril-Ircon joint venture will construct rigid pavement and lined drain of selected roads under Imphal East Division (ED – 2) of total length of 122.209 km.  

“It is to inform that Ircon International Limited (Ircon) has been awarded an EPC contract in JV (Amril -Ircon) through Letter of Acceptance by Office of the Project Director, Externally Aided Projects (EAP), Public Works Department (PWD) Manipur,” the filing read.  

The project has to be completed in 36 months and is worth Rs 631.2 crore. In November, the company was assigned ‘IVR AAA’ rating for its Rs 9,000 crore long-term and short-term bank facilities by Infomerics Valuation and Rating. 

An ‘IVR AAA’ rating from Informerics means that the issuer has the highest level of safety and the lowest credit risk in terms of servicing financial obligations on time. The rating has been assigned to the company by Infometrics as a part of a regular rating exercise. 

Ircon International is a public sector undertaking (PSU) in India, primarily involved in the construction and development of infrastructure projects related to the railways. It’s a fully-owned government company under the Ministry of Railways and plays a major role in executing railway construction projects, including track laying, electrification, and the development of bridges, tunnels, and other railway-related infrastructure.

In the past one year, Ircon International shares have lost 14 per cent against Sensex’s rise of 7 per cent. 

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The total resource mobilisation from primary markets (equity and debt) for the nine months of the current fiscal 2024-25 (9M-FY25) – between April till December 2024 – stood at Rs 11.1 trillion, said the Economic Survey 2025. 

This amount, according to the survey, is 5 per cent more than the entire amount raised via the IPO route in FY24, and amounts to 25.6 per cent of gross fixed capital formation of private and public corporations during FY24. 

India’s share in global IPO listings, meanwhile, surged to 30 per cent in 2024, up from 17 per cent in 2023, making it the leading contributor of primary resource mobilisation globally.

The number of IPOs, the Economic Survey 2025 said, increased 32.1 per cent to 259 during April to December 2024 (9M-FY25) from 196 in the corresponding period of the previous year, while the amount raised almost tripled from Rs 53,023 crore to Rs 1.53 trillion in the same period.

“The mainboard platform witnessed a significant increase in issue size as the average IPO deal size rose to Rs 2,124 crore, up from Rs 814 crore in the entire FY24. In the case of small and medium enterprises (SMEs) IPOs, the average deal size increased to Rs 39 crore from Rs 31 crore during the same period,” the Economic Survey 2025 said.

Rising investor participation via SIPs

Looking ahead, analysts expect 2025 to be another blockbuster year for the primary markets with projections by Pantomath Capital Advisors, a Mumbai-based investment banking company, suggesting that fundraising via this route could surpass Rs 2 trillion mark. 

“Currently, 100 companies have filed draft offer letters with the Sebi, with many already receiving approval or awaiting clearance. This sets a promising tone for the year, underscoring strong market momentum and investor confidence in the upcoming IPOs,” said Mahavir Lunawat, managing director at Pantomath Capital Advisors. 

Demat accounts

The IPO frenzy in 2024 has seen a sharp rise in demat accounts, with the number of such accounts rising 33 per cent to 18.5 crore at the end of December 2024 on a year-on-year (YoY) basis, the Economic Survey 2025 said. There are 11.5 crore unique investors with demat accounts and 5.6 crore unique investors in mutual funds as of the end of December 2024.

“Higher investor participation has engendered a self-reinforcing cycle of strong market returns, bringing in even more investors. This, in turn, will eventually transform the securities market into a more diverse, inclusive, and robust platform for wealth creation,” the Economic Survey 2025 said. 

Qualified Institutional Placement (QIPs), meanwhile, emerged as the preferred equity fundraising mechanism for the corporates during FY25, the survey said, with an 11.4 per cent share in total capital raised. 

Resource mobilisation through rights issues, too, remained buoyant, with Rs 16,881 crore raised during April to December 2024, compared to Rs 6,538 crore in the corresponding period of the previous year, translating into an increase of around 158 per cent.

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