Shares of Suraksha Diagnostic made a muted stock market debut on Friday, December 06 as the diagnostics and pathology solutions provider was listed at Rs 437 on BSE, a discount of 0.91 per cent over its issue price of Rs 441. Similarly, it kicked-off its maiden trading session with a discount of 0.68 per cent over the given issue price at Rs 438 on NSE.
The listing of Suraksha Diagnostic has been below the expectations. Ahead of its debut, the grey market premium (GMP) for Suraksha Diagnostic shares stood at Rs 12-15, suggesting up to a 3 per cent gain for the investors on debut. However, the GMP in the unofficial market stood at merely Rs 2, when the issue was closed for bidding.
The IPO of Suraksha Diagnostic was sold at a price band of Rs 420-441 with a lot size of 34 shares. The issue ran for subscription between November 29 and December 03. The company raised Rs 846.25 crore via IPO, which was entirely an offer-for-sale (OFS) of up to 1,91,89,330 equity shares by its promoters and existing shareholders.
The issue of Suraksha Diagnostic was overall subscribed only 1.27 times. The portion for reserved qualified institutional bidders (QIBs) was booked just 1.74 times, while the quota for non-institutional investors (NIIs) saw bids for merely 1.41 times. The portion for retail investors went undersubscribed with only 95 per cent bids.
Kolkata-based Suraksha Diagnostic offers pathology, radiology testing and medical consultancy services. Incorporated in 2005, the company has a central reference laboratory with 8 satellite laboratories and 215 customer touchpoints, including 49 diagnostic centres and 166 sample collection centres as of June 30, 2024, across West Bengal, Bihar, Assam, and Meghalaya.
Brokerages had mixed views on the stock, with some suggesting to subscribe to it, while others suggesting to skip the issue. ICICI Securities, Nuvama Wealth Management and SBI Capital Markets were the book running lead managers of the Suraksha Diagnostic IPO, while Kfin Technologies was appointed as the registrar for the issue.