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Suraksha Diagnostics IPO Price Band:  Integrated diagnostic chain Suraksha Diagnostics Ltd stated on Tuesday it has set a price range of Rs 420 to Rs 441 per share for its Rs 846 crore initial public offering (IPO). The initial public offering (IPO) will open for public subscription on November 29 and close on December 3, while bidding for anchor investors will open for one day on November 28, the company announced.

The Kolkata-based company's IPO comprises an offer for sale (OFS) of 19,189,330 equity shares worth Rs 846.25 crore at the upper end of the price range by promoters and investor shareholders, with no fresh issue component. Under the OFS, promoters - Somnath Chatterjee, Ritu Mittal, Satish Kumar Verma, and investors - Orbimed Asia II Mauritius Ltd, Munna Lal Kejriwal, and Santosh Kumar Kejriwal will sell shares.

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Since the issue is completely an OFS, the company will not receive any proceeds and all the money will go to the selling shareholders. Explaining the reason for going public, the company said it aims to gain from listing its equity shares on the stock exchanges and conducting an OFS for the selling shareholders.

At the upper end of the price band, the company's market capitalization is around Rs 2,300 crore. Suraksha Diagnostics offers its customers one-stop integrated solutions for pathology and radiology testing and medical consultancy services through its wide operational network, which comprises a flagship central reference laboratory, 8 satellite laboratories, and 194 customer touchpoints, including 48 diagnostic centres and 146 sample collection centres (mostly franchised), across West Bengal, Bihar, Assam, and Meghalaya as on March 31, 2024.

During FY24, it conducted around 5.98 million tests, serving around 1.14 million patients.

Half of the issue has been reserved for qualified institutional buyers (QIBs), 35% for retail investors, and the remaining 10% for non-institutional investors.
ICICI Securities Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited are the book-running lead managers to the issue. The equity shares are expected to be listed on BSE and NSE on December 6.

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(With Agencies Inputs)