OrbiMed-Backed Suraksha Diagnostic files for IPO

25 Jul 2024 , 03:00 PM

Suraksha Diagnostic, supported by global investment firm OrbiMed, has submitted preliminary documents to SEBI to raise funds through an initial public offering (IPO).

The IPO will feature an offer-for-sale (OFS) of 1.9 Crore equity shares from existing shareholders, without any new issuance of shares.

Key selling shareholders include promoters Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma, each selling 21.32 lakh equity shares. Investor OrbiMed Asia II Mauritius will sell 1.06 Crore shares, the largest portion. Munna Lal Kejriwal and Santosh Kumar Kejriwal will also participate in the sale.

The largest shareholders before converting compulsory convertible preference shares (CCPS) are Ritu Mittal with a 22.87% stake, Satish Kumar Verma with 19.38%, OrbiMed with 19.51%, and the late Kishan Kumar Kejriwal with 11.15%.

Based in Kolkata, Suraksha Diagnostic offers pathology and radiology testing, as well as medical consultation services. It competes with companies like Agilus Diagnostics, Dr Lal Pathlabs, Metropolis Healthcare, and Thyrocare Technologies.

The company operates through its central reference laboratory, eight satellite laboratories, and 194 customer touchpoints, including 48 diagnostic centers and 146 sample collection centers across West Bengal, Bihar, Assam, and Meghalaya.

In the fiscal year 2024, Suraksha Diagnostic reported a net profit of ₹23.1 Crore and revenue of ₹218.7 Crore, up from ₹6.1 Crore and ₹190.1 Crore respectively in the previous fiscal year ending March 2023.

ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets are the lead merchant bankers for the IPO.