Suraksha Diagnostic Sets ₹846 Crore IPO with Price Band of ₹420-441 per Share

27 Nov 2024 , 09:13 PM

Suraksha Diagnostic, a diagnostic services provider based in Kolkata, has announced a price band of ₹420-441 per share for its upcoming ₹846-crore initial public offering (IPO). This IPO will be the eighth one launched in November 2024.

The IPO will open for subscription on November 29, 2024, and will close on December 3, 2024. The anchor book, available to institutional investors, will open a day earlier, on November 28, 2024. The company, backed by investor OrbiMed, plans to raise approximately ₹253 crore through the anchor book offering on November 28. The remaining funds will be raised during the three-day subscription period.

Suraksha’s IPO consists entirely of an offer-for-sale (OFS) of 1.91 crore equity shares, which will be sold by existing shareholders. The selling shareholders include promoters Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma, along with OrbiMed Asia II Mauritius, and others.

Suraksha Diagnostic operates a network of diagnostic services in West Bengal, Bihar, Assam, and Meghalaya. Its services include pathology and radiology testing, as well as medical consultation. The company’s network consists of a central reference laboratory, eight satellite laboratories, and 215 customer touchpoints across the four states.

The company’s peers in the industry include publicly listed entities like Dr Lal PathLabs, Metropolis Healthcare, Thyrocare, and Vijaya Diagnostic. Once the IPO is completed, Suraksha Diagnostic shares will be available for trading on the stock exchanges starting December 6, 2024. ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets are acting as the lead managers to the issue.