The initial public offering (IPO) of Suraksha Diagnostic shall open for bidding on November 29. The company shall be offering its shares in the range of Rs 420-441 apiece, for which investors can apply for a minimum of 34 equity shares and its multiples thereafter. Bidding for the issue closes on Tuesday, December 3.
Incorporated in 2005, Suraksha Diagnostic offers pathology, radiology testing and medical consultancy services. 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.
The IPO of Suraksha Diagnostic is entirely an offer-for-sale (OFS) of up to 1,91,89,330 equity shares by its promoters and existing shareholders. At the upper end of the price band, the company is looking to raise a total of Rs 846.25 crore via IPO. Anchor book for the issue opens on Thursday, November 28.
Promoters- Dr Somnath Chatterjee, Ritu Mittal and Satish Kumar Verma, along with other selling investors including OrbiMed Asia II Mauritius, Munna Lal Kejriwal and Santosh Kumar Kejriwal will participate in OFS. The company will not receive any proceeds from the issue.
Suraksha Diagnostic offers its customers online and offline medical consultation services under one roof via 44 diagnostic centres, which house 120 polyclinics with more than 750 doctors. The operation of the diagnostic centres is supported by the technology platforms and systems that the company uses to streamline.
The Kolkata-based company offers vaccination services and customized testing packages for disease prediction/early detection. The company uses digital pathology and artificial intelligence to generate blood tests. All radiology reporting is done through a digital platform that allows cases to be reported from all diagnostic centres, significantly reducing turnaround time.
The company has reserved 50 per cent of the shares for the qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of the equity shares reserved for them. Retail investors will get 35 per cent of the allocation in the issue.
For the quarter ended on June 30, 2024, Suraksha Diagnostic reported a net profit of Rs 7.67 crore with a revenue of Rs 61.85 crore. The company's bottomline stood at Rs 23.13 crore with a revenue of Rs 222.26 crore in the financial year ended on March 31, 2024.
ICICI Securities, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers of the Suraksha Clinic and Diagnostic IPO, while Kfin Technologies is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE on Friday, December 6.