Suraksha Diagnostic shares make tepid debut on Dalal Street, list flat at ₹438
Suraksha Diagnostic had a muted debut on Dalal Street on Friday, December 06, with its shares listing at ₹438 each on the NSE, marking a 0.68% lower over the issue price of ₹441. On the BSE, the stock opened at ₹437.
Suraksha Diagnostic IPO Listing: Suraksha Diagnostic had a muted debut on Dalal Street on Friday, December 06, with its shares listing at ₹438 on the NSE, a marginal discount of 0.68% to the issue price of ₹441. On the BSE, the stock opened slightly lower at ₹437. However, post-listing, the stock recovered, gaining 2.5% intraday to touch ₹449 apiece.
The company raised ₹846.25 crore from the book-built issue at the upper end of the IPO price band during the three-day bidding process, which opened between November 29 and concluded on December 03, 2024. The IPO price band was set at ₹420 to ₹441 per share. The issue was entirely an offer for sale (OFS) of 1.92 crore equity shares.
The mainboard IPO was subscribed 1.27 times overall, receiving bids for 1.70 crore equity shares against the 1.34 crore shares on offer. The Qualified Institutional Buyers (QIB) segment was oversubscribed 1.74 times, and the Non-Institutional Investors (NII) portion by 1.40 times. However, retail investor participation was subdued, with this segment subscribed just 0.94 times, reflecting lower enthusiasm.
About Suraksha Diagnostic
The company is the largest full-service and integrated diagnostic chain headquartered in East India by operating income as of fiscal 2023. It provides a one-stop integrated solution for pathology and radiology testing, along with medical consultation services, through an extensive operational network.
This includes its flagship central reference laboratory, eight satellite laboratories (co-located with diagnostic centres), and 194 customer touchpoints as of March 31, 2024. These touchpoints consist of 48 diagnostic centres and 146 sample collection centres, primarily franchised, spread across West Bengal, Bihar, Assam, and Meghalaya, according to its Draft Red Herring Prospectus (DRHP).
The company is the only diagnostic service provider in East and North-East India to operate a reference laboratory accredited by the College of American Pathologists, a distinction held as of March 31, 2024.
During Fiscal 2024, the company conducted approximately 5.98 million tests, serving around 1.14 million patients. Notably, 95.48% of its revenue from operations originated from its core geography, which includes Kolkata and the rest of West Bengal.
The CRISIL Report estimates the diagnostics services market in India to be valued at approximately ₹860– ₹870 billion in fiscal 2024. The market is projected to grow at a compound annual growth rate (CAGR) of around 10%–12%, reaching approximately ₹1,275– ₹1,375 billion by fiscal 2028.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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