Good news will be coming for Investors. Keep money ready in your account for Suraksha Diagnostic’s IPO. Integrated diagnostic chain Suraksha Diagnostic Limited has set a price band of ₹420 to ₹441 per share for its ₹846 crore initial public offering (IPO). The IPO will open for public subscription on November 29 and will close on December 3. According to PTI, bidding for anchor investors will open for one day on November 28.
These promoters will sell shares
According to the news, the IPO of the Kolkata-headquartered company will have an offer for sale (OFS) of 19,189,330 equity shares worth ₹846.25 crore at the upper end of the price band by the promoters and investor shareholders. Under the OFS, the promoters—Somnath Chatterjee, Ritu Mittal, Satish Kumar Verma—and investors—Orbimed Asia II Mauritius Limited, Munna Lal Kejriwal, and Santosh Kumar Kejriwal—will sell the shares. Since this issue is entirely OFS, the company will not receive any income, and all the funds will go to the selling shareholders.
Listing may happen on December 6
Suraksha Diagnostic Limited has stated that the purpose of going public is to benefit from the listing of the equity shares on the stock exchanges and to conduct the OFS for the selling shareholders. According to the news, at the upper end of the price band, the market capitalization of the company is around ₹2,300 crore. The equity shares are expected to be listed on BSE and NSE on December 6.
Business Overview
Suraksha Diagnostics offers integrated solutions for pathology and radiology testing, as well as medical consultation services. Its extensive operational network includes a flagship central reference laboratory, 8 satellite laboratories, and 194 customer touchpoints, comprising 48 diagnostic centres and 146 franchised sample collection centres across West Bengal, Bihar, Assam, and Meghalaya, as of March 31, 2024.
Reservation and Issue Managers
During FY24, the company conducted approximately 5.98 million tests, serving 1.14 million patients. The issue reserves 50% for qualified institutional buyers (QIBs), 35% for retail investors, and 10% for non-institutional investors. ICICI Securities Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited are the book-running lead managers for the issue.