Shares of Suraksha Diagnostic Ltd. debuted on the National Stock Exchange at Rs 438 apiece, at a discount of 0.7% over the upper end of the initial public offering price of Rs 441. The stock listed on the BSE at Rs 437 per share, marking a discount of 0.91%.
The IPO, which closed on Dec. 3, was subscribed 1.27 times, with demand led by qualified institutional buyers. The IPO comprised of only an offer for sale of 1.92 crore shares, with no fresh issuance of shares.
The company also raised Rs 254 crore from anchor investors, a day before its IPO opened for bidding.
Since the Suraksha Diagnostic IPO is entirely an OFS issue, proceeds from the offer will go directly to the selling shareholders. The promoters selling their shares via the IPO include Somnath Chatterjee, Ritu Mittal and Satish Kumar Verma. Meanwhile, OrbiMed Asia II Mauritius Ltd., Munna Lal Kejriwal and Santosh Kumar Kejriwal are the investors selling their stake in the company.
Suraksha Diagnostic Business
Incorporated in 2005, Suraksha Diagnostic is a diagnostic chain in Eastern India, providing a wide range of medical testing services like pathology, radiology testing and medical consultancy services.
The company has a central reference laboratory with eight satellite laboratories and 215 customer touchpoints. This includes 49 diagnostic centres, and 166 sample collection centres as of June 2024. The company has its presence spread across West Bengal, Bihar, Assam, and Meghalaya. As of fiscal 2024, the market share of the company in its major market, the eastern part of the country, stood at 1.15–1.30%.
In fiscal 2024, the diagnostic company conducted around 5.98 million tests, which served 1.14 million patients.
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