Suraksha Diagnostic IPO enters final day on feeble note

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The ₹846.25-crore initial public offering of Suraksha Diagnostic closes for public subscription today. The IPO has been subscribed 25 per cent so far, with retail and high net individuals remaining on the sidelines. The IPO is priced in a band of ₹420-441 and the market lot is 34 shares.

 The public issue of the integrated diagnostic chain is entirely an offer for sale by the promoters and investor shareholders.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors. The QIB portion has received just 1,326 shares, against 38.37 lakh shares on offer. The HNI and retail investor portions, too, remain undersubscribed at 0.13 times and 0.45 times, respectively.

The Kolkata-headquartered company’s IPO consists of an OFS of 19,189,330 shares by promoters Somnath Chatterjee, Ritu Mittal and Satish Kumar Verma, and investors OrbiMed Asia II Mauritius Ltd, Munna Lal Kejriwal and Santosh Kumar Kejriwal.

The company on Thursday raised ₹254 crore from anchor investors. In a disclosure to the stock exchanges, Suraksha Diagnositc said it has allotted 57.57 lakh equity shares to 16 funds at ₹441 apiece, including Nippon India Mutual Fund, Kotak MF, Aditya Birla Sun Life MF, Quant MF and Carnelian Bharat Amritkaal Fund.

Incorporated in 2005, the company offers pathology, radiology testing and medical consultancy services. It has a central reference laboratory with eight satellite laboratories and 215 customer touchpoints, including 49 diagnostic centres and 166 sample collection centres as of June 30, 2024, across West Bengal, Bihar, Assam, and Meghalaya.

Shares will be listed on the BSE and the National Stock Exchange.

ICICI Securities Ltd, Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue. The equity shares are expected to be listed on the BSE and NSE on December 6.