Suraksha Diagnostic IPO: Suraksha Diagnostic Gets Sebi Approval For IPO

Suraksha Diagnostic Ltd, a leading diagnostic chain based in Kolkata, has received approval from the Securities and Exchange Board of India (SEBI) to move forward with its Initial Public Offering (IPO). This milestone allows the company to go public, as per an update released on Monday. The proposed IPO, detailed in the Draft Red Herring Prospectus (DRHP), will be an Offer-for-Sale (OFS) of up to 1.92 crore equity shares. The company’s promoters and key investor shareholders will be offloading these shares, with no fresh equity being issued.

Key promoters such as Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma, along with investors including OrbiMed Asia II Mauritius Ltd, Munna Lal Kejriwal, and Santosh Kumar Kejriwal, will be selling their stakes in the offering. Importantly, since this IPO is entirely an OFS, the company itself will not receive any of the proceeds. Instead, all funds raised will go directly to the selling shareholders.

146 sample collection centers

Suraksha Diagnostic is one of India’s key players in the healthcare diagnostics sector, offering a one-stop solution for pathology, radiology testing, and medical consultation services. As of March 31, 2024, the company operates an extensive network, which includes a flagship central reference laboratory, eight satellite labs, and 194 customer touchpoints. These consist of 48 diagnostic centers and 146 sample collection centers, many of which are franchised, across West Bengal, Bihar, Assam, and Meghalaya. During the fiscal year 2024, Suraksha Diagnostic conducted approximately 5.98 million tests and served around 1.14 million patients, showcasing its substantial reach and impact in the healthcare sector.

listed on BSE and NSE

The decision to go public through this IPO aims to bring the benefits of listing equity shares on the stock exchanges and facilitate the exit of some shareholders. ICICI Securities Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd will act as lead managers for the issue, with the company’s shares expected to be listed on both the BSE and NSE.

This IPO is an important step for Suraksha Diagnostic as it continues to expand its services in India’s rapidly growing healthcare industry.

News Source – Rediff Money