Suraksha Diagnostic IPO opens on Nov 29: Check GMP, dates & other details

Suraksha Diagnostic IPO: Suraksha Clinic and Diagnostic, a provider of pathology, radiology testing, and medical consultancy services, is gearing up for its initial public offering (IPO), set to open for public subscription on Friday, November 29, 2024. According to the company's red herring prospectus (RHP), bidding for anchor investors will precede this, commencing on Thursday, November 28, 2024.

 

Meanwhile, the grey market premium (GMP) of Suraksha Diagnostic remained nil as of Tuesday, November 26, 2024. Sources tracking grey market activities reported that the company's unlisted shares traded flat on Tuesday.

 

As the IPO approaches, here are the key highlights from the company's RHP that every investor should know:

 

 

Suraksha Diagnostic IPO details

Suraksha Diagnostic IPO comprises an entire offer for sale with promoters, investors, and individual shareholders offloading up to 19,189,330 equity shares of the company. Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma are among the promoters who will be taking part in OFS, while OrbiMed Asia II Mauritius is among the investors to participate in the process. Munna Lal Kejriwal and Santosh Kumar Kejriwal are among the individual investors who will be participating in the process.

 

The equity shares offered through this RHP are proposed to be listed on BSE and NSE.

 

Suraksha Diagnostic IPO Price band, lot size

Suraksha Diagnostic has set the price band at Rs 420-441 per share, with a lot size of 34 shares. Accordingly, investors can bid for a minimum of 34 shares and in multiples thereof. A retail investor would require a minimum of Rs 14,994 to bid for one lot of 34 shares of Suraksha Diagnostic IPO.

 

Suraksha Diagnostic IPO key dates

The subscription window for Suraksha Diagnostic IPO will open on Friday, November 29, 2024, and close on Tuesday, December 3, 2024.

 

The basis of allotment will tentatively be finalised on Wednesday, December 4, 2024, and shares will be credited to demat accounts on Thursday, December 5, 2024. Suraksha Diagnostic shares are likely to be listed on NSE and BSE on Friday, December 6, 2024.

 

Suraksha Diagnostic IPO objective

The company in the RHP has said that the objects of the offers are to carry out the offer for sale by the selling shareholders and to achieve the benefits of listing the equity shares on the stock exchanges.

 

"Our company will not receive any proceeds from the offer (offer proceeds) and all such proceeds (net of any offer-related expenses to be borne by the selling shareholders) will go to the selling shareholders, in proportion to the offered shares sold by the respective selling shareholder as part of the offer," said Suraksha Diagnostic in the RHP.

 

Suraksha Diagnostic Registrar, lead managers

KFin Technologies is the registrar for the Suraksha Diagnostic IPO, while ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets are the sole book-running lead managers for the public offering.

 

Suraksha Diagnostic financial details

According to the data available in the RHP, Suraksha Diagnostic profit attributed to owners of the parent rose to Rs 23.62 crore in FY24, up 262.81 per cent from Rs 6.51 crore reported in FY23.

 

The company's revenue from operations jumped 15.02 per cent to Rs 218.70 crore in FY24 from Rs 190.13 crore reported in FY23.

 

On the flip side, the company's expenses also increased to Rs 8.32 crore in FY24, up 1,123.53 per cent from Rs 0.68 crore reported in FY23.

 

About Suraksha Clinic and Diagnostic

The company is a pathology and radiology testing, and medical consultation services provider. It offers its services to its customers through an extensive operational network, consisting of its flagship central reference laboratory, 8 satellite laboratories (co-located with its diagnostic centres) and 215 customer touchpoints, which include 49 diagnostic centres and 166 sample collection centres (primarily franchised), as of June 30, 2024, across the states of West Bengal, Bihar, Assam, and Meghalaya, as per the RHP.