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Suraksha Diagnostic IPO
Suraksha Diagnostic Ltd
₹14,280 /34 sharesMinimum Investment
Suraksha Diagnostic IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹441.00 | ₹438.00 | -₹3.00 (0.68%) |
Suraksha Diagnostic IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 29 Nov ‘24 - 3 Dec ‘24 | ₹14,280 | 34 | ₹420 - ₹441 |
| Issue Size | IPO Doc |
|---|---|
| 846.25Cr | RHP PDF |
Subscription rate
As of 03 Dec'24, 05:00 PM
| Qualified Institutional Buyers | 1.74x |
| Non-Institutional Investor | 1.40x |
| Retail Individual Investor | 0.92x |
| Total | 1.26x |
About Suraksha Diagnostic
Founded in
2005
Managing director
Dr. Somnath Chatterjee and Ms. Ritu Mittal
Parent organisation
Suraksha Diagnostic Ltd
Strengths & Financials of Suraksha Diagnostic
Strengths
Risks
Suraksha Diagnostic operates an extensive network comprising a flagship central reference laboratory, eight satellite laboratories (located within diagnostic centres), and 194 customer touchpoints, including 48 diagnostic centres and 146 sample collection centres (primarily franchised), across West Bengal, Bihar, Assam, and Meghalaya as of March 31, 2024.
Three of its laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL), and two advanced diagnostic centres hold accreditation from the National Accreditation Board for Hospitals & Healthcare Providers (NABH).
As of March 31, 2024, 43 diagnostic centres include 120 polyclinic chambers that host over 750 specialised doctors, providing patients with access to expert medical care.
The company offers a comprehensive portfolio of over 2,300 diagnostic tests across various specialities and disciplines. These services are available alongside omnichannel medical consultations, both online and offline, at 43 diagnostic centres equipped with 120 polyclinic chambers.
Suraksha Diagnostic employs a cluster-based 'hub-and-spoke' model. The company claims that this has helped them enhance cost efficiency, standardise testing procedures, and implement deeper brand penetration, especially in remote areas.
Suraksha Diagnostic is accredited by the College of American Pathologists (CAP) and is ISO-certified. The internationally recognised CAP accreditation helps laboratories meet the standards required for ISO 15189 certification, which is tailored for medical laboratories.
Suraksha Diagnostic's operations are concentrated in West Bengal and the eastern region of India. In FY24, FY23, and FY22, West Bengal contributed Rs 208.81 crore (95.48%), Rs 183.94 crore (96.74%), and Rs 216.61 crore (97.05%) to the revenue from operations, respectively. Any adverse developments in the business and economic environment of this region could adversely impact the company's financial performance and business operations.
The company relies heavily on third-party suppliers for its testing equipment, test kits, and reagents. Any issues in procurement or recalls of these items could adversely affect operations, financial results, and overall business operations.
A major portion of the company’s revenue comes from the B2C segment, including individual patients accessing diagnostics, home collection services, or polyclinic consultations. The B2C segment contributed Rs 205.22 crore (93.83%), Rs 182.55 crore (96.01%), and Rs 213.27 crore (95.56%) in FY24, FY23, and FY22, respectively. Any adverse changes affecting this particular segment or a negative development in the brand’s reputation, disposable income, and general health awareness could hit the company’s operations and finances.
Out of 146 sample collection centres, 142 are operated under a franchise model. Revenue from these franchisees accounted for 4.11%, 4.39%, and 4.32% of total operations revenue in FY24, FY23, and FY22, respectively. Any failure by the franchisees to meet the company’s standards could negatively impact its business performance.
The B2B segment contributed Rs 13.49 crore (6.17%), Rs 7.58 crore (3.99%), and Rs 9.92 crore (4.44%) to revenue from operations in FY24, FY23, and FY22, respectively. Therefore, any non-renewal or cancellation of institutional agreements, including those with hospitals or under Public-Private Partnership (PPP) contracts, could harm the company’s operations.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could harm its business prospects.
Suraksha Diagnostic Financials
*All values are in Rs. Cr
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Application Details of Suraksha Diagnostic IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹420 - 441 | ₹2 Lakh |
| High Networth Individual | ₹420 - 441 | ₹2 - 5 Lakh |
For Suraksha Diagnostic IPO, eligible investors can apply as Regular.