Suraksha Diagnostic IPO Day 2 Updates: Key Highlights, Subscription Status, and Insights

Suraksha Diagnostic IPO Day 1 Subscription Status

(November 29, 2024, End of Day)

On Day 1 of the Suraksha Diagnostic IPO, which opened on November 29, 2024, the overall subscription stood at 0.11 times. Among investor categories, the Retail Individual Investors (RII) showed the most interest, with a subscription level of 0.20 times. Non-Institutional Investors (NII) or high-net-worth individuals subscribed 0.04 times, while Qualified Institutional Buyers (QIBs) registered no subscriptions yet, with a 0.00 times response. These early figures indicate a slow start to the IPO across all investor categories.

Suraksha Diagnostic IPO Details

• Suraksha Diagnostic IPO opens for subscription today, November 29, 2024, and closes on December 3, 2024. 
• The allotment for the Suraksha Diagnostic IPO is expected to be finalized on Wednesday, December 4, 2024. Suraksha Diagnostic IPO will be listed on BSE, NSE with a tentative listing date fixed as Friday, December 6, 2024. 
• The price band for the IPO was set at ₹420-441 per share. At the upper end of this price band, the IPO was valued at ₹846.25 crore.
• Offer for Sale (OFS): The IPO comprised only an OFS component, meaning no new shares were issued. Existing shareholders, including promoters and OrbiMed Asia II Mauritius Ltd., sold a total of 1.92 crore shares. As a result, Suraksha Diagnostic did not receive any proceeds from the IPO.
• Minimum Bid Lot: Investors could bid for a minimum of 34 shares or multiples thereof. The minimum amount of investment required by retail investors is ₹14,994.
• Allotment and Listing: Following the IPO, shares of Suraksha Diagnostic will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). 
• Lead Managers and Registrar: ICICI Securities Ltd., Nuvama Wealth Management Ltd., and SBI Capital Markets Ltd. serve as the book-running lead managers for the IPO, while KFin Technologies Ltd. acts as the registrar.

Investor Category Shares Offered

Utilization of IPO Proceeds

As the IPO consisted solely of an OFS, the primary objective was to provide an exit opportunity for existing shareholders. The company does not raise any capital through this offering.

This overview provides a comprehensive understanding of the key aspects of the Suraksha Diagnostic IPO. However, potential investors should conduct thorough research and consult with financial advisors before making any investment decisions.

Suraksha Diagnostic Overview:

• Suraksha Diagnostic offers a wide range of healthcare services, including pathology and radiology testing as well as medical consultations. Its operations are centered around a flagship central reference laboratory, supported by 8 satellite labs and 215 customer touchpoints, comprising 49 diagnostic centers and 166 sample collection points (as of June 30, 2024). The company has a strong presence across four states in Eastern and North-Eastern India: West Bengal, Bihar, Assam, and Meghalaya.

Financial Highlights (FY24):

Revenue from operations: ₹218.7 crore, reflecting a 15% increase compared to FY23.

Net profit: ₹23.1 crore, a nearly four-fold jump from ₹6 crore in FY23.

Key performance indicators