Ahead of IPO, Suraksha Diagnostic collects Rs 254 crore from anchor investors

Integrated diagnostic chain Suraksha Diagnostic Ltd on Thursday said it has mobilised Rs 254 crore from anchor investors, a day before opening of its initial share-sale for public subscription. The top anchor investors in the IPO included Nippon India Mutual Fund, Kotak MF, Aditya Birla Sun Life MF, Quant MF and Carnelian Bharat Amritkaal Fund, according to a circular uploaded on BSE's website.

The company has allotted 57.57 lakh equity shares to 16 funds at Rs 441 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 254 crore, the circular showed.

The Rs 846-crore initial share-sale will open for public subscription on November 29 and conclude on December 3. The shares will be available in the price range of Rs 420 to Rs 441 apiece.

The Kolkata-headquartered company's IPO consists of an Offer for Sale (OFS) of 19,189,330 equity shares worth Rs 846.25 crore, at the upper end of the price band, by promoters and investor shareholders, with no fresh issue component.

Under the OFS, promoters Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma; and investors OrbiMed Asia II Mauritius Ltd, Munna Lal Kejriwal and Santosh Kumar Kejriwal will offload shares.

Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders.

Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders.

At the upper end of the price band, the company's market capitalisation stands at around Rs 2,300 crore.

Suraksha Diagnostic offers a one-stop integrated solution for pathology and radiology testing and medical consultation services to its customers through its extensive operational network, consisting of a flagship central reference laboratory, 8 satellite laboratories and 194 customer touchpoints which include 48 diagnostic centres, and 146 sample collection centres (primarily franchised), across West Bengal, Bihar, Assam and Meghalaya as of March 31, 2024.

During fiscal 2024, it conducted about 5.98 million tests serving approximately 1.14 million patients.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors.

ICICI Securities Ltd, Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue. The equity shares are expected to be listed on BSE and NSE on December 6.