Vijaya Diagnostic Centre IPO: Bid opens on 1 September; Check Price, Closing bid, face value, and other details; FULL TIMELINE including allotment, listing, demat share transfer

Vijaya Diagnostic Centre IPO latest news: Vijaya Diagnostic Centre was incorporated as Vijaya Diagnostic Centre Private Limited on June 5, 2002 with a certificate of incorporation issued by the Registrar of Companies, Andhra Pradesh at Hyderabad. Subsequently, the company was converted from a private limited company to a public limited company, pursuant to a special resolution passed by our Shareholders at the EGM held on March 22, 2021 and the name of the company was changed to Vijaya Diagnostic Centre Limited on March 26, 2021, and a fresh certificate of incorporation consequent on change of name was granted by the Registrar of Companies, Telangana at Hyderabad. 

Company Details: The company has mentioned that it is the largest integrated diagnostic chain in southern India by revenue. As per the CRISIL report, it is one of the fastest-growing diagnostic chains by revenue for the fiscal year 2020. It offers a one-stop solution for pathology and radiology testing services to customers through our extensive operational network, which consists of 81 diagnostic centres and 11 reference laboratories across 13 cities and towns in the states of Telangana and Andhra Pradesh, and the National Capital Region (NCR) and Kolkata. 

CRISIL Projection: The Indian diagnostics market was valued at approximately Rs 710 billion to Rs 730 billion in FY 2021, and is projected to reach approximately Rs 920 billion to Rs 980 billion by FY 2023, driven by rising in health awareness and disposable incomes, increase in demand for better healthcare facilities and quality of care of individuals, and increase in spending on preventive and wellness. The diagnostics market in Telangana and Andhra Pradesh is projected to grow from approximately Rs 120 billion to Rs 130 billion by FY 2023, as per CRISIL Report.  

Opening & Closing Bid: The healthcare chain will be launching its Initial Public Offering (IPO) on 1 September. The three-day bid is closing on 3 September.  

Face Value: As it will be the first public offer of the company, there has been no formal market for the Equity Shares. The face value of the Equity Shares is Re 1. The Floor Price, Cap Price and Offer Price as determined and justified by the company and the selling shareholders in consultation with the BRLMs, in accordance with the SEBI ICDR Regulations. No assurance can be given regarding an active and/or sustained trading in the equity shares nor regarding the price at which the equity shares will be traded after listing. 

The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. The company has received ‘in-principle’ approval from BSE and NSE for the listing of the Equity Shares pursuant to letters dated July 5, 2021 and June 30, 2021, respectively.  

Objects of the offer: The objects of the offer are to carry out the Offer for Sale of up to 35,688,064 Equity Shares by the Selling Shareholders; and to achieve the benefits of listing the Equity Shares on the Stock Exchanges. 

Price Band: The price band has been fixed at Rs 522-531.  

Promoters: The promoter for the Vijaya Diagnostics Centre IPO is Dr S Surendranath Reddy, who is also the Executive Chairman of the company.

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Offered Shares: Up to 35,688,064 Equity Shares offered for sale, comprising of up to 5,098,296 Equity Shares by Dr S. Surendranath Reddy; up to 29,487,290 Equity Shares by Karakoram; and up to 1,102,478 Equity Shares by Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1.  

Book Running Lead Managers: ICICI Securities, Edelweiss Financial Services, Kotak Mahindra Capital Investment Banking, KFin Technologies 

According to a PTI report, Vijaya Diagnostic Centre is planning to raise Rs 1,895 crore through the initial share-sale offer.  

Vijaya Diagnostic  Centre IPO – Full Timeline

The issue ends on 3 September

The finalisation on the basis of allotment is expected to be on 9 September.

Initiation of refunds is likely on 13 September.

The transfer of shares to demat accounts is likely on 14 September.

Listing of stock is likely on 15 September.

The above information on the timeline of the issue is from the app of brokerage company Edelweiss.