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
Star Imaging IPO Subscription Details
| Date | QIB | NII | Retail | EMP | Total |
|---|---|---|---|---|---|
|
Day 1Aug 7, 2025 |
0.00 | 0.07 | 0.05 | 0.00 | 0.04 |
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
- 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.
- 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.
- 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:
- ₹2,500 lakh will be used to meet working capital needs to support daily operations.
- ₹1,200 lakh is allocated to repay or prepay certain borrowings to reduce financial burden.
- ₹514.08 lakh will go towards buying and installing new medical equipment at existing facilities.
- 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:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Star Imaging IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Star Imaging IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- 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  |
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  |
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
- Contact Number: 04067162222, 04079611000
- Email Address: ipo@kfintech.com
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
8-
Offers 140+ diagnostic tests, covering advanced pathology and radiology under one roof.
-
Operates centralised tele-radiology hub for consistent, high-quality remote diagnostics and efficiency.
-
Uses top-tier tech like GE Optima CT660 and Fujifilm AMULET systems.
-
Strong EBITDA margin of 34.25% with ₹8,350.01 lakh revenue in FY25.
-
Covers full disease cycle: early detection, diagnosis, monitoring, and treatment support.
-
Home collection, EMR reports, and ambulance pickup enhance patient convenience and access.
-
Specialised tests like FibroScan, GeneXpert, RT-PCR, and 5D Ultrasound boost capabilities.
-
Strong return on equity at 33.84%, indicating efficient financial and operational performance.
Risks
8-
Company faces legal proceedings which may impact finances if decisions go adverse.
-
Missed RoC filings for FY 2017–18 to FY 2022–23 raise concerns.
-
Negative ₹596.08 lakh operating cash flow reported in FY 2025 impacts liquidity.
-
CSR non-compliance from FY 2021–22 to FY 2023–24 risks regulatory penalties.
-
Form-2 for ₹30 lakh allotment in 2011 remains untraceable by RoC.
-
The company operates from a rented office; lease uncertainties may disrupt operations.
-
Trademark not yet registered, risking brand misuse and weak IP protection.
-
Frequent related party transactions may lead to potential conflict with shareholders’ interests.
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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
Star Imaging IPO is a book built issue IPO. It runs from August 8, 2025, to August 12, 2025.
The Basis of Allotment will happen on Wednesday, August 13, 2025.
The IPO subscription window will open on August 8, 2025.
The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 1,000 shares.
The listing date for Star Imaging IPO is Monday, August 18, 2025.
The issue size of the Star Imaging IPO is ₹69.47 crore.
The open and close dates for Star Imaging IPO are from August 8, 2025, to August 12, 2025.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
Kfin Technologies Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.
The Star Imaging IPO is proposed to be listed on the SME platform of the Bombay Stock Exchange (BSE).
- Multiple Submissions: Use different Demat accounts to make multiple applications.
- Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
- Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
To read Star Imaging & Path Lab Limited’s financial statements, download the IPO’s RHP document.
Pre-apply allows investors to apply for the Star Imaging IPO two days before the subscription period opens, ensuring an early submission of your application.
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
