July 26, 2024
New Delhi, India
Upcoming IPO
Kolkata-based Suraksha Diagnostic Limited, the largest full-service and integrated diagnostic chain headquartered in East India, has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). This significant move aims to float an offer for sale (OFS) of up to 19,189,330 equity shares by various selling shareholders.
IPO Details: According to the DRHP, the offer for sale (OFS) includes up to 19,189,330 equity shares. The promoter selling shareholders are Dr. Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma. The investor selling shareholders include OrbiMed Asia II Mauritius Limited, Munna Lal Kejriwal, and Santosh Kumar Kejriwal. Specifically, the OFS comprises:
- Up to 10,660,737 equity shares by OrbiMed Asia II Mauritius Limited
- Up to 2,132,148 equity shares each by Dr. Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma
- Up to 799,556 equity shares by Munna Lal Kejriwal
- Up to 1,332,593 equity shares by Santosh Kumar Kejriwal
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The primary objectives of the IPO are to facilitate the offer for sale and to list the equity shares on the stock exchanges. ICICI Securities Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited are the book-running lead managers for the issue. The equity shares are proposed to be listed on the BSE and NSE.
Financial and Operational Highlights: As of March 31, 2024, Suraksha Diagnostic Limited stands out as the only diagnostic service provider in East and North-East India with the College of American Pathologists accreditation. Additionally, three of its laboratories hold National Accreditation Board for Testing and Calibration Laboratories (NABL) certification, and two of its advanced diagnostic centers have National Accreditation Board for Hospitals & Healthcare Providers (NABH) accreditation.
Suraksha offers an extensive range of over 2,300 tests across various specialties. The test menu includes:
- 788 routine pathology tests
- 647 specialized pathology tests
- 748 basic/intermediate radiology tests
- 104 advanced radiology tests
The company’s state-of-the-art radiology equipment includes 24 CT and 13 MRI machines. During Fiscal 2024, Suraksha conducted approximately 5.98 million tests, serving around 1.14 million patients.
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Market Outlook: According to a CRISIL Report, the diagnostics services market in India was estimated to be around ₹860 to ₹870 billion in Fiscal 2024 and is projected to grow at a CAGR of 10% to 12% to reach approximately ₹1,275 to ₹1,375 billion by Fiscal 2028. The market in eastern and north-eastern India, estimated at around ₹170 to ₹180 billion in Fiscal 2024, is projected to grow at a CAGR of 10.5% to 12.5% to reach approximately ₹260 to ₹280 billion by Fiscal 2028. This presents a significant growth opportunity for Suraksha Diagnostic Limited.
Suraksha Diagnostic Limited’s strategic move to go public aims to leverage this growth potential, solidify its market position, and continue its expansion in the diagnostic services industry.
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