Calcutta-based Suraksha Diagnostic Limited has set a price band of ₹420-441 per share for its IPO (initial public offer) which opens on November 29. The company is looking to raise ₹846 crore through an offer for sale by promoters and investors.
Under the OFS, promoters — Somnath Chatterjee, Ritu Mittal, Satish Kumar Verma and investors — OrbiMed Asia II Mauritius Ltd, Munna Lal Kejriwal and Santosh Kumar Kejriwal will offload shares.
Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders.
“In FY24, 93.8 per cent of Suraksha’s customers were B2C. The revenue CAGR between FY22-24 was around 21 per cent. Ebitda in FY24 was 33.7 and this year in Q1 it has risen to 35.8. In its growth path, Suraksha has set itself up in Patna, Guwahati and in Shillong,” said Somnath Chatterjee, chairman and joint managing director.
“Approximately 25 per cent of the diagnostic centres of our company, located in Bengal, Shillong, and Guwahati have been inaugurated in the last three years, and therefore, we believe these centres are yet to reach the optimum scale of operations and offer potential to maximize growth,” the company has said in its RHP.
“We believe that Calcutta and the rest of Bengal themselves present significant headroom for growth.”
“Beyond our core geography, we also intend to augment and/or establish our presence in adjacent geographies of eastern India and north-eastern India,” the RHP said.
Suraksha Diagnostic offers an integrated solution for pathology and radiology testing and medical consultation services to its customers through its operational network, consisting of a flagship central reference laboratory, 8 satellite laboratories, 49 diagnostic centres and 166 collection centres (primarily franchised), as of June 30, 2024.
During fiscal 2024, it conducted about 5.98 million tests serving approximately 1.14 million patients.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
