IPO Details

Bidding Dates

08 Aug '25 - 12 Aug '25

Minimum Investment

₹2,70,000/ 2 Lots (2,000 Shares)

Price Range

₹135 -₹142

Maximum Investment

₹2,84,000/ 2 Lots (2,000 Shares)

Retail Discount

To be announced

Issue Size

₹69.47 Cr

Investor category and sub category

Retail Individual Investors (RII)  |   Non-institutional Investors (NII)  |   Qualified Institutional Buyers (QIB)   |  

Star Imaging IPO Important Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Aug 08, 25

IPO Closing Date

Aug 12, 25

Basis of Allotment

Aug 13, 25

Initiation of Refunds

Aug 14, 25

IPO Listing Date

Aug 18, 25

About Star Imaging IPO

Star Imaging IPO is a book-built issue worth ₹69.47 crore. It includes a fresh issue of 39.20 lakh equity shares aggregating to ₹55.66 crore and an offer for sale of 9.72 lakh shares worth ₹13.80 crore. The IPO opens for subscription on August 8, 2025, and closes on August 12, 2025.

The basis of allotment is expected to be finalised on August 13, 2025. The shares are proposed to be listed on the BSE SME platform with a tentative listing date of August 18, 2025.

The price band for the IPO is fixed at ₹135 to ₹142 per share. The minimum lot size for retail investors is 2 lots or 2,000 shares, requiring an investment of ₹2,70,000. For high net-worth individuals (HNIs), the minimum application size is 3 lots or 3,000 shares, amounting to ₹4,26,000.

Share India Capital Services Private Limited is the book-running lead manager for the IPO. Kfin Technologies Limited is the registrar, while Share India Securities Limited is acting as the market maker. Refer to the RHP for complete details.

Industry Outlook

  1. India’s healthcare market is projected to grow at a CAGR of 10-11%, expanding from ₹9.5-10.5 trillion in FY24 to ₹14.5-15.5 trillion by FY28. Growth is driven by higher lifestyle diseases, technology use, and rising healthcare awareness.
  2. The diagnostics industry is expected to grow at a CAGR of 10-12% between FY24 and FY28, reaching a size of ₹1,275-1,375 billion, led by urbanisation, aging population, and preference for evidence-based care.
  3. A steady increase in lifestyle-related health conditions, awareness about preventive care, and expansion of organised diagnostic players is fuelling strong industry momentum.

Star Imaging IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

  1. ₹2,500 lakh will be used to meet working capital needs to support daily operations.
  2. ₹1,200 lakh is allocated to repay or prepay certain borrowings to reduce financial burden.
  3. ₹514.08 lakh will go towards buying and installing new medical equipment at existing facilities.
  4. Any remaining funds will be used for general corporate purposes to support overall growth.

About Star Imaging & Path Lab Limited

Star Imaging & Path Lab Limited is a Delhi-based diagnostic services provider offering a wide range of pathology, radiology, cardiology, and neurology services. The company was initially incorporated as a private limited company in 2004 and later converted into a public limited entity in 2024.

It operates under a NABL-accredited network and serves multiple regions across India, including Delhi, Uttar Pradesh, and Nashik, through B2C, B2B, and B2G models. The company’s roots trace back to 1978 with the establishment of Janta X-Ray Clinic, which focused on X-rays and basic pathology.

Over the years, the business evolved with modern technologies and expanded into advanced diagnostics. In 2011, it consolidated various businesses including Janta X-Ray Clinic, M/s Star Imaging & Path Lab, and M/s Star Health Care, further strengthening its capabilities.

Star Imaging & Path Lab offers a comprehensive suite of diagnostic services. These include advanced imaging techniques like digital X-ray, mammography, CT scans, 4D and 5D ultrasounds, bone mineral density testing, and dental OPG. The pathology segment covers biochemistry, hematology, microbiology, serology, and immunology, among others.

A dedicated tele-radiology hub ensures consistent and quality services across locations. Equipped with modern machines like GE Optima CT660 and Fujifilm AMULET, the company focuses on precision, safety, and patient comfort.

Backed by decades of experience, the company continues to play a vital role in diagnostic healthcare through innovation, technology adoption, and patient-centric services.

How To Check the Allotment Status of Star Imaging IPO?

Steps to check IPO allotment status on Angel One’s app:

  1. Log in to the Angel One app.
  2. Go to the IPO Section and then to IPO Orders.
  3. Select the individual IPO that you had applied for and check the allotment status.
  4. Angel One will notify you of your IPO allotment status via push notification and email.

How To Apply for the Star Imaging IPO Online?

  1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
  2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
  3. Select IPO: Find and select the Star Imaging IPO from the list of open IPOs.
  4. Enter the Lot Size: Specify the number of lots you want to bid for.
  5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
  6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

Contact Details of Star Imaging IPO

Registered office: 4B/4, Tilak Nagar, Near Sant Pura, Tilak Nagar West Delhi, New Delhi- 110018, India

Phone: +91 9990019189

E-mail: cs@starimaging.in 

Star Imaging IPO Reservation

Investor Category

Shares Offered

QIB Shares

Not more than 50% of the Net Offer

Retail Shares

Not less than 35% of the Net Offer

NII Shares

Not less than 15% of the Net Offer

Star Imaging IPO Lot Size

Application

Lots

Shares

Amount

Individual investors (Retail) (Min)

2

2,000

₹2,70,000

Individual investors (Retail) (Max)

2

2,000

₹2,84,000

S-HNI (Min)

3

3,000

₹4,26,000

S-HNI (Max)

7

7,000

₹9,94,000

B-HNI (Min)

8

8,000

₹11,36,000

Star Imaging IPO Promoter Holding

The promoters of the company are Mr. Pawan Gupta and Ms. Chhaya Gupta.

Share Holding Pre-Issue

100.00%

Share Holding Post Issue&nbsp

71.92%

Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.

Key Performance Indicators for Star Imaging IPO

KPI

Value

Debt/Equity&nbsp

0.69

ROE (%)

40.65

RoCE (%)

29.92

RoNW (%)

40.65

PAT Margin (%)

19.10

Price to Book Value

4.07

EBITDA Margin (%)

34.22

Star Imaging IPO Prospectus

Star Imaging IPO Registrar and Lead Managers

Star Imaging IPO Lead Managers

  • Share India Capital Services Private Limited

Registrar for Star Imaging IPO

Kfin Technologies Limited

Star Imaging IPO Registrar

Financial Performance of Star Imaging & Path Lab Limited

Particulars Year ending on March 31, 2025 Year ending on March 31, 2024 Year ending on March 31, 2023
Revenue from Operation (in ₹ lakh) 8323.92 7850.36 5837.12
Profit/loss After Tax (in ₹ lakh) 1591.26 1233.82 57.32
Earnings per share (in ₹) 11.80 9.20 0.43
Total Borrowings (in ₹ lakh) 3273.42 3063.74 2656.01
Return on Equity (x) 0.41 0.49 0.03
Return on capital employed (RoCE) (x) 0.29 0.27 0.05
EBITDA (in ₹ lakh) 2847.40 2234.02 580.62

Know before investing

Strengths

5
  1. Offers 140+ diagnostic tests, covering advanced pathology and radiology under one roof.

  2. Operates centralised tele-radiology hub for consistent, high-quality remote diagnostics and efficiency.

  3. Uses top-tier tech like GE Optima CT660 and Fujifilm AMULET systems.

  4. Strong EBITDA margin of 34.25% with ₹8,350.01 lakh revenue in FY25.

  5. Covers full disease cycle: early detection, diagnosis, monitoring, and treatment support.

Risks

5
  1. Company faces legal proceedings which may impact finances if decisions go adverse.

  2. Missed RoC filings for FY 2017–18 to FY 2022–23 raise concerns.

  3. Negative ₹596.08 lakh operating cash flow reported in FY 2025 impacts liquidity.

  4. CSR non-compliance from FY 2021–22 to FY 2023–24 risks regulatory penalties.

  5. Form-2 for ₹30 lakh allotment in 2011 remains untraceable by RoC.

  • How to Apply in IPO
  • How to Check IPO Allotment Status

Login to Angel One App / Website & click on IPO

Select desired IPO & tap on "Apply"

Enter UPI ID, set quantity/price & submit

Accept mandate on the UPI app to complete the process

Login to Angel One App / Website

Choose IPO section on Home Page

Click IPO Orders

Chose the IPO application you want to view the status for

Star Imaging & Path Lab Limited Peer Comparison

Company Revenue from Operations (₹ Lakh) EBITDA Margin (%) PAT Margin (%) Return on Equity (%)
Star Imaging & Path Lab 8,350.01 34.25 19.10 33.84
Chandan Healthcare Ltd 23,012.08 17.96 10.22 19.18
Vijaya Diagnostic Centre 68,139.01 40.10 21.10 18.07
Metropolis Healthcare Ltd 1,33,120.30 40.09 10.93 10.93

Star Imaging IPO FAQs

What is the Star Imaging IPO?

Star Imaging IPO is a book built issue IPO. It runs from August 8, 2025, to August 12, 2025. 

When will the Star Imaging IPO be allotted?

The Basis of Allotment will happen on Wednesday, August 13, 2025.  

When will the Star Imaging IPO open for subscription?

The IPO subscription window will open on August 8, 2025. 

What minimum lot size can retail investors subscribe to?

The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1,000 shares. 

When will the Star Imaging IPO list on exchanges?

The listing date for Star Imaging IPO is Monday, August 18, 2025. 

What is the issue size of the Star Imaging IPO?

The issue size of the Star Imaging IPO is ₹69.47 crore. 

What are the open and close dates of the Star Imaging IPO?

The open and close dates for Star Imaging IPO are from August 8, 2025, to August 12, 2025.

What would be the listing gains on the Star Imaging IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange. 

When will I know if my Star Imaging IPO order is placed?

You will receive a notification once your order is successfully placed with the exchange after the bidding starts. 

Who is the registrar of Star Imaging IPO?

Kfin Technologies Limited is the registrar responsible for managing the IPO allotment process and handling investor queries. 

Where is the Star Imaging IPO getting listed?

The Star Imaging IPO is proposed to be listed on the SME platform of the Bombay Stock Exchange (BSE).