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Chandan Healthcare Limited IPO
Chandan Healthcare Ltd
₹1,20,800 /800 sharesMinimum Investment
Chandan Healthcare Limited IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹159.00 | ₹165.10 | ₹6.10 (3.84%) |
Chandan Healthcare Limited IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 10 Feb ‘25 - 12 Feb ‘25 | ₹1,20,800 | 800 | ₹151 - ₹159 |
| Issue Size | IPO Doc |
|---|---|
| 107.36Cr | RHP PDF |
Subscription rate
As of 12 Feb'25, 05:00 PM
| Qualified Institutional Buyers | 4.15x |
| Non-Institutional Investor | 17.13x |
| Retail Individual Investor | 1.77x |
| Employees | 0.16x |
| Total | 5.06x |
About Chandan Healthcare Limited
Founded in
2003
Managing director
Mr Amar Singh
Parent organisation
Chandan Healthcare Ltd
Strengths & Financials of Chandan Healthcare Limited
Strengths
Risks
Chandan Healthcare operates a diagnostic network across North India, with one flagship laboratory, seven central laboratories, 26 satellite centres, and over 300 sample collection centres. As of August 31, 2024, the company’s presence spans more than 15 cities and towns in Uttar Pradesh and over 10 in Uttarakhand.
The company claims to have a diverse test portfolio, offering 1,118 tests, including 169 routine pathology tests, 713 specialised pathology tests, and 236 radiology tests. Its radiology facilities reportedly include 11 CT scanners and four MRI machines.
Chandan Healthcare expands its reach in remote areas by following a cluster and collection points model, where samples from nearby areas are gathered and transported to central laboratories for testing.
The company has eight NABL-accredited laboratories and three of its diagnostic centres are NABH-accredited.
In FY24, Chandan Healthcare claims to have conducted approximately 61.77 lakh tests for 15.64 lakh patients.
The company has seen a consistent increase in revenue from operations. Revenue from operations increased from Rs 119.56 crore in FY22 to Rs 136.89 crore in FY23 to Rs 176.59 crore in FY24.
The company relies heavily on B2C customers and a few key clients for a major portion of its revenue. These customers contributed Rs 119.74 crore (67.80%) in FY24, Rs 92.79 crore (67.78%) in FY23, and Rs 98.95 crore (82.76%) in FY22 to the revenue from operations. Additionally, there are no long-term contracts with these customers, and the loss of any key accounts could negatively impact business operations and financial performance.
Pathology and radiology services form the core revenue stream, contributing 55.21% in FY24, 55.12% in FY23, and 51.43% in FY22. Any decline in the performance of these services could adversely impact the company’s overall business growth and profitability.
Chandan Healthcare’s operations are largely concentrated in Uttar Pradesh and Uttarakhand. The company derived Rs 119.62 crore (67.74%), Rs 94.47 crore (69.01%), and Rs 98.46 crore (82.35%) of its revenue from operations from Uttar Pradesh in FY24, FY23, and FY22, respectively, while revenue from Uttarakhand stood at Rs 56.97 crore (32.26%), Rs 42.42 crore (30.99%), and Rs 21.11 crore (17.65%) in the same periods. Any adverse political, social, or economic developments in these regions can negatively impact the company’s business, financial performance, and expansion plans.
The company is reliant on a few select customers for its revenue. The top 10 customers of the company contributed Rs 169.94 crore (96.23%) in FY24, Rs 126.47 crore (92.39%) in FY23, and Rs 113.09 crore (94.59%) in FY22 to the total revenue from operations. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
The company is involved in ongoing legal proceedings. Any adverse judgments in any of these cases can be detrimental to the company’s business prospects.
The company had an outstanding financial indebtedness of Rs 35.48 crore as of August 31, 2024. Any failure to service or repay these loans can harm the company’s operations and financial position.
The company reported a loss of Rs 1.09 crore in FY22 and cannot assure that similar financial setbacks will not occur in the future. Any such losses could impact its financial stability and overall business operations.
Chandan Healthcare Limited Financials
*All values are in Rs. Cr
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Application Details of Chandan Healthcare Limited IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹151 - 159 | ₹2 - 5 Lakh |
| Employee | ₹136 - 144 | ₹2 - 5 Lakh |
| High Networth Individual | ₹151 - 159 | ₹2 - 5 Lakh |
For Chandan Healthcare Limited IPO, eligible investors can apply as Regular & Employee.