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Star Imaging IPO
Star Imaging and Path Lab Ltd
₹1,35,000 /1000 sharesMinimum Investment
Star Imaging IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹142.00 | ₹142.00 | ₹0.00 (0.00%) |
Star Imaging IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 8 Aug ‘25 - 12 Aug ‘25 | ₹2,70,000 | 1,000 | ₹135 - ₹142 |
| Issue Size | IPO Doc |
|---|---|
| 69.47Cr | RHP PDF |
Subscription rate
As of 12 Aug'25, 04:01 PM
| Qualified Institutional Buyers | 12.85x |
| Non-Institutional Investor | 4.58x |
| Retail Individual Investor | 1.78x |
| Employees | 0.00x |
| Total | 3.46x |
About Star Imaging
Founded in
2004
Managing director
Mr Pawan Gupta
Parent organisation
Star Imaging and Path Lab Ltd
Strengths & Financials of Star Imaging
Strengths
Risks
Star Imaging and Path Lab has implemented a structured and centralised process for pathology services, which includes home or centre-based sample collection, transportation to a central laboratory hub, and processing in specialised departments such as biochemistry, haematology, immunology, microbiology, and clinical pathology. Final reports are reviewed and approved by a doctor, ensuring a controlled workflow and standardised reporting.
The company claims to have a systematic radiology service protocol that includes patient pickup via ambulance, scanning using advanced equipment such as MRI, CT, 5D ultrasound, low-dose X-ray, orthopantomogram (OPG), cone beam computed tomography (CBCT), and echocardiogram (ECHO), among others, followed by 3D image reconstruction for more accurate diagnosis.
Star Imaging and Path Lab claims to be engaged in collaborations with the governments of Uttar Pradesh, Delhi, and Maharashtra (specifically in Nashik) for the provision of CT scanners and related equipment. The company is responsible for the installation and ongoing maintenance of these CT scan facilities and claims to deploy both skilled and unskilled labour to support the operational requirements of public healthcare centres.
Star Imaging and Path Lab has received multiple recognitions and awards from healthcare associations and bodies for its diagnostic and imaging services.
The company reported negative cash flow from operating activities amounting to Rs 5.61 crore in the period ended September 30, 2024. Additionally, negative cash flow from investing activities amounted to Rs 0.68 crore in the period ended September 30, 2024, Rs 6.86 crore in FY24, Rs 8.57 crore in FY23, and Rs 4.14 crore in FY22. The company also reported negative cash flow from financing activities amounting to Rs 2.45 crore in the period ended September 30, 2024, Rs 4.70 crore in FY23, and Rs 6.99 crore in FY22. If cash outflows continue to exceed inflows in the future, the company may face liquidity challenges.
Star Imaging and Path Lab has not fulfilled its corporate social responsibility (CSR) obligations under Section 135 of the Companies Act, 2013, for FY21, FY22, and FY24, with outstanding amounts of Rs 0.04 crore, Rs 0.08 crore, and Rs 0.13 crore, respectively. Although the company claims to have spent Rs 0.30 crore towards CSR activities in FY25 and has applied for compounding of the default, any regulatory action may result in penalties or other consequences for the company and its directors.
The company is heavily dependent on third-party vendors and suppliers for the procurement of testing equipment, test kits, and reagents. Any disruption in the supply chain could have a material adverse impact on the company’s business, operations, and financial condition.
A significant portion of the company’s revenue is derived from the B2C segment. It accounted for Rs 14.77 crore (34.74 percent) of the company’s revenue in the period ended September 30, 2024, Rs 27.22 crore (34.67 percent) in FY24, Rs 23.66 crore (40.53 percent) in FY23, and Rs 32.05 crore (46.48 percent) in FY22. Revenue generation from this segment depends largely on the company’s brand recognition, public reputation, and the disposable income and health awareness levels of individual patients. Any decline in these factors could adversely impact the company’s revenue and customer base.
A substantial portion of the company’s revenue is derived from the B2G segment. It accounted for Rs 25.10 crore (59.04 percent) of the company’s revenue in the period ended September 30, 2024, Rs 45.90 crore (58.46 percent) in FY24, Rs 29.27 crore (50.15 percent) in FY23, and Rs 32.02 crore (46.46 percent) in FY22. The company’s ability to secure and retain government contracts depends on navigating complex procurement processes, complying with regulatory requirements, and maintaining a proven track record. Any adverse changes in government policy, fiscal constraints, or administrative priorities may affect contract continuity, thereby affecting business operations and growth.
A significant portion of the company’s revenue is derived from two states: Delhi and Uttar Pradesh. Delhi accounted for Rs 20.91 crore (49.18 percent) of the company’s revenue in the period ended September 30, 2024, Rs 51.63 crore (65.77 percent) in FY24, Rs 34.51 crore (59.13 percent) in FY23, and Rs 51.98 crore (75.41 percent) in FY22. Uttar Pradesh accounted for Rs 20.23 crore (47.59 percent) of the company’s revenue in the period ended September 30, 2024, Rs 24.75 crore (31.53 percent) in FY24, Rs 23.30 crore (39.91 percent) in FY23, and Rs 16.95 crore (24.59 percent) in FY22. Any adverse political, social, or economic developments in these regions could harm the company’s business, results of operations, and financial condition.
A significant portion of the company’s revenue is derived from its radiology services. It accounted for Rs 32.75 crore (77.04 percent) of the company’s revenue in the period ended September 30, 2024, Rs 53.48 crore (68.12 percent) in FY24, Rs 45.15 crore (77.36 percent) in FY23, and Rs 36.61 crore (53.12 percent) in FY22. Any negative developments in the sales of services within this category could impact overall revenue, which, in turn, may hurt the company’s business and financial standing.
The company, its promoters, and directors are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of September 30, 2024, the company had outstanding financial indebtedness of Rs 29.28 crore. Any failure to service or repay these loans on time could harm the company’s operations and financial position.
Star Imaging Financials
*All values are in Rs. Cr
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Application Details of Star Imaging IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹135 - 142 | ₹2 - 5 Lakh |
| Employee | ₹135 - 142 | ₹2 - 5 Lakh |
| High Networth Individual | ₹135 - 142 | ₹2 - 5 Lakh |
For Star Imaging IPO, eligible investors can apply as Regular & Employee.