IPO Details

Bidding Dates

29 Nov '24 - 03 Dec '24

Minimum Investment

₹14,994 / 1 Lot (34 Shares)

Price Range

₹420 - ₹441

Maximum Investment

₹1,94,922 / 13 Lot (442 Shares)

Retail Discount

Not Applicable

Issue Size

₹846.25 Cr

Investor category and sub category

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

Suraksha Diagnostic IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

Nov 29, 2024

IPO Closing Date

Dec 3, 2024

Basis of Allotment

Dec 4, 2024

Initiation of Refunds

Dec 5, 2024

Listing Date

Dec 6, 2024

IPO Subscription Details

DateQIBNIIRetail

Day 1Nov 29, 2024

 0.00 0.04 0.20

Day 2Dec 2, 2024

 0.00 0.13 0.45

Suraksha Diagnostic IPO Subscription Details

Investor Category Subscription (Times)
Qualified Institutions 0.00
Non-Institutional Buyers 0.08
Retail Investors 0.33
Total 0.18

About Suraksha Diagnostic IPO

Suraksha Diagnostic Limited, incorporated in 2005, provides pathology, radiology, and medical consultancy services. The company operates a central reference laboratory, 8 satellite labs, and 215 customer touchpoints, including 49 diagnostic centres and 166 sample collection centres across West Bengal, Bihar, Assam, and Meghalaya as of June 30, 2024.

The Suraksha Diagnostic IPO is a book-built issue of ₹846.25 crore, consisting entirely of an offer for sale of 1.92 crore shares. The Suraksha Diagnostic IPO subscription window opens on November 29, 2024, and closes on December 3, 2024. The Suraksha Diagnostic IPO price band is set between ₹420 and ₹441 per share, with a minimum lot size of 34 shares. Retail investors require a minimum investment of ₹14,994, while sNII and bNII investors need ₹2,09,916 (14 lots) and ₹1,004,598 (67 lots), respectively.

The allotment date is set for December 4, 2024, with a tentative listing date of December 6, 2024, on BSE and NSE. ICICI Securities, Nuvama Wealth, and SBI Capital Markets are the lead managers, and Kfin Technologies is the registrar for the IPO.

Industry Outlook

  1. The Indian healthcare market is projected to expand from ₹9.5–10.5 trillion in FY24 to ₹14.5–15.5 trillion by FY28, registering a CAGR of 10–11%. 
  2. Diagnostics, forming 9% of the healthcare market in FY24, is expected to grow at a 10–12% CAGR between FY24 and FY28, reaching ₹1,275–1,375 billion. 
  3. The radiology segment is projected to grow at a robust 11–13% CAGR, while the pathology segment is expected to clock a 9–11% CAGR during FY24–FY28.

Suraksha Diagnostic IPO Objectives 

Suraksha Clinic and Diagnostic Limited will not directly receive any funds from the Offer for Sale, as the proceeds will be allocated entirely to the selling shareholders.

About Suraksha Clinic and Diagnostic Limited 

Suraksha Clinic and Diagnostic Limited is the largest full-service diagnostic chain headquartered in East India by operating income as of Fiscal 2023, according to CRISIL. The company has demonstrated robust growth with a 20.87% CAGR in non-COVID revenues from Fiscal 2022 to Fiscal 2024, outperforming key industry peers. 

It offers a one-stop solution for pathology, radiology, and medical consultation through an extensive network, including a central reference laboratory, 8 satellite labs, 48 diagnostic centres, and 146 sample collection points across West Bengal, Bihar, Assam, and Meghalaya.

The central reference lab is accredited by the College of American Pathologists, a distinction unique to East and Northeast India. Additional accreditations include NABL for 3 laboratories and NABH for 2 advanced diagnostic centres. The company served approximately 1.14 million patients in Fiscal 2024, performing nearly 5.98 million tests.

Suraksha Clinic derives significant revenue from its B2C segment, contributing 93.83% in Fiscal 2024. Its diversified offerings include over 2,300 pathology and radiology tests, along with vaccination services and customised health packages. The integration of diagnostic and polyclinic services, with over 750 specialist doctors across 43 centres, enhances patient convenience and cross-selling opportunities.

Suraksha Diagnostic Limited Promoters and Promoter Group

The promoters of Suraksha Diagnostic Limited are Dr Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma. Collectively, they hold 22,916,410 equity shares of ₹2 each, representing 44.02% of the pre-Offer issued, subscribed, and paid-up equity share capital of the company. 

Dr Somnath Chatterjee, aged 64, serves as the Chairman and Joint Managing Director. He individually holds 4,731,836 shares, accounting for 9.09% of the equity share capital. Ritu Mittal, aged 50, is the Chief Executive Officer and Joint Managing Director, holding 10,408,455 shares, which represent 19.99% of the capital. 

Satish Kumar Verma, aged 75, serves as a Non-Executive Director and, along with Suman Verma, holds 7,776,119 shares, constituting 14.93% of the equity share capital.

The promoters have a vested interest in the company through their shareholding, directorships, and any associated dividends or distributions. They may also be indirectly interested through related party transactions involving entities where they hold positions or shares. 

The company confirms that all required identification details of the promoters, including PAN, Aadhaar, and bank account information, have been submitted to stock exchanges. There has been no change in the control of the company in the past 5 years, and the promoters do not hold any direct or indirect interest in properties acquired by the company in the last 3 years or in any proposed acquisitions. Their involvement is aligned with their directorship roles, shareholding, and contributions to the company’s management and growth.

How To Check the Allotment Status of the Suraksha Diagnostic IPO?

A: 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 Suraksha Diagnostic 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 Suraksha Diagnostic 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 Suraksha Diagnostic IPO 

Registered office: Plot No. DG-12/1, Action Area 1D, Premises No. 02-0327, New Town, Rajarhat, Kolkata 700 156 West Bengal, India

Phone:  +91 33 66059750

E-mail:  investors@surakshanet.com

Website: Suraksha Diagnostic IPO Registrar

Suraksha Diagnostic IPO Reservation

Investor Category

Shares Offered

Anchor Investor Shares Offered

57,56,797 (30%)

QIB Shares Offered

38,37,867 (20%)

NII (HNI) Shares Offered

28,78,400 (15%)

bNII > ₹10L

19,18,934 (10%)

sNII < ₹10L

9,59,466 (5%)

Retail Shares Offered

67,16,266 (35%)

Suraksha Diagnostic IPO Anchor Investors Details

Bid Date

November 28, 2024

Shares Offered

5,756,797

Anchor Portion Size (In crore)

253.87

Anchor lock-in period end date for 50% shares (30 Days)

January 3, 2025

Anchor lock-in period end date for remaining shares (90 Days)

March 4, 2025

Suraksha Diagnostic IPO Lot Size

Application Lot Shares Amount
Retail (Min) 1 34 ₹14,994
Retail (Max) 13 442 ₹1,94,922
S-HNI (Min) 14 476 ₹2,09,916
S-HNI (Max) 66 2,244 ₹9,89,604
B-HNI (Min) 67 2,278 ₹1,004,598

Suraksha Diagnostic IPO Promoter Holding

The company promoters are Dr. Somnath Chatterjee, Ritu Mittal and Satish Kumar Verma.

Share Holding Pre-Issue 61.07%
Share Holding Post Issue –

Key Performance Indicators for Suraksha Diagnostic IPO

KPI as of March 31, 2024.

KPI Value
ROCE 21.46%
Debt/Equity 0.2
RoNW 14.09%
P/BV 13.1
PAT Margin (%) 10.57
ROE 14.09%

Suraksha Diagnostic IPO Prospectus

Suraksha Diagnostic IPO Registrar and Lead Managers

Suraksha Diagnostic IPO Lead Managers:

  • ICICI Securities Limited
  • Nuvama Wealth Management Limited
  • SBI Capital Markets Limited

Registrar for Suraksha Diagnostic IPO
Kfin Technologies Limited

  • Contact Number: 04067162222, 04079611000
  • Email Address: sdl.ipo@kfintech.com

Website: Suraksha Diagnostic IPO Registrar

Suraksha Diagnostic IPO Financials

Particulars Year ending on March 31, 2024 Year ending on March 31, 2023 Year ending on March 31, 2022
Revenue from Operation (in ₹ million) 2,187.09 1,901.34 2,231.93
Profit After Tax (PAT) (in ₹ million) 231.27 60.65 208.24
Total Borrowings (in ₹ million) 86.37 140.07 190.27
Net Worth (in ₹ million) 1,794.08 1,559.26 1,458.42
Return on Capital Employed (%) 21.46 9.05 23.11
Return on Equity (%) 14.09 4.32 15.38
Earning Per Share (EPS)-in absolute ₹ 4.43 1.22 3.91

Know before investing

Strengths

6

  1. Largest diagnostic chain in eastern India with strong growth potential.

  2. Integrated one-stop provider for pathology, radiology, and medical consultations.

  3. Advanced clinical infrastructure ensures reliable and high-quality diagnostic services.

  4. Strong brand recall drives customer retention and individual consumer business.

  5. Diverse test menu with 2,300+ tests across multiple specialties and disciplines.

  6. Expanding core and adjacent geographies with strategic acquisitions and technology.

Risks

11

  1. Heavy reliance on West Bengal increases vulnerability to regional disruptions.

  2. Health epidemics could impact workforce availability and business operations.

  3. Sample handling errors risk compromising diagnostic accuracy and reputation.

  4. Franchisee non-performance may affect service quality and financial results.

  5. Dependency on third-party vendors for equipment could disrupt operations.

  6. Failure to adopt new technology risks competitiveness and market position.

  7. Non-renewal of B2B contracts may impact revenue and operations.

  8. Past non-compliance with the Companies Act may lead to penalties.

  9. Promoters' similar business interests could create potential conflicts of interest.

  10. Pledged shares by Promoters may dilute control and trigger offers.

  11. Regulatory actions due to record inaccuracies could affect operations.

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Peer Comparison

Company Name Revenue from Operation (in ₹ million) EBITDA (in ₹ million) Return on Equity (%) Net debt/equity (x)
Suraksha Clinic and Diagnostic Limited 2,187.09 736.18 14.09 0.20
Dr Lal PathLabs 22,266.00 6,785.00 20.35 0.00
Metropolis Healthcare 12,077.09 2,916.93 12.26 0.49
Thyrocare 5,718.80 1,471.90 13.34 0.01
Vijaya Diagnostic 5,478.05 2,417.17 19.77 0.36

Suraksha Diagnostic IPO FAQs

What is the Suraksha Diagnostic IPO?

Suraksha Diagnostic IPO is a book built issue IPO. It will be open from November 29, 2024, to December 3, 2024.

When will Suraksha Diagnostic IPO be allotted?

The Basis of Allotment will happen on Wednesday, December 4, 2024.

When will Suraksha Diagnostic IPO open for subscription?

The IPO subscription window will open on November 29, 2024.

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 34 shares.

When will Suraksha Clinic and Diagnostic Limited list on exchanges?

The listing date for Suraksha Clinic and Diagnostic Limited is Friday, December 6, 2024.

What is the issue size of Suraksha Diagnostic IPO?

The issue size of the Suraksha Diagnostic IPO is up to ₹846.25 crore, with a complete offer for sale.

What are the open and close dates of the Suraksha Diagnostic IPO?

The open and close dates for Suraksha Diagnostic IPO are from November 29, 2024 to December 3, 2024.

What would be the listing gains on the Suraksha Diagnostic IPO?

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

How to increase your chances of getting a Suraksha Diagnostic IPO allotment?

  1. Multiple Submissions: Use different Demat accounts to make multiple applications.
  2. Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
  3. Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.

How do I approve the UPI mandate request for Suraksha Diagnostic IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Suraksha Clinic and Diagnostic Limited using one PAN?

You can submit only one application using your PAN card.

How to read Suraksha Clinic and Diagnostic IPO financial statements?

To read Suraksha Clinic and Diagnostic’s financial statements, download the IPO’s  RHP document.

What is 'pre-apply' for Suraksha Clinic and Diagnostic Limited IPO?

Pre-apply allows investors to apply for the  Suraksha Clinic and Diagnostic  IPO two days before the subscription period opens, ensuring an early submission of your application.

If I pre-apply for the Suraksha Clinic and Diagnostic IPO, when will my order get placed?

Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.

When will I know if my Suraksha Clinic and Diagnostic 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 Suraksha Diagnostic IPO?

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

Where is the Suraksha Diagnostic IPO getting listed?

Suraksha Clinic and Diagnostic Limited  IPO is proposed to be listed on the Bombay Stock Exchange (BSE) platform of the National Stock Exchange (NSE).