Suraksha Diagnostic IPO: Kolkata-based firm raises ₹253 crore from anchor investors ahead of public issue

Suraksha Diagnostic Limited raised ₹253 crore from anchor investors ahead of its public issue, according to an exchange filing by the company on Thursday, November 28.

The company has allocated 57.56 lakh shares to the anchor investors at an allocation price of ₹441 per equity share with a face value of ₹2 apiece. 

The anchor investor pool for Suraksha Diagnostic's public issue comprises Carnelian Bharat Amritkaal Fund, Societe Generale, Integrated Core Strategies (Asia), Troo Capital, Tusk Investments and mutual funds like Aditya Birla Sunlife MF, Bandhan MF, JM Financial, Kotak MF, Mirae Asset MF, Nippon MF and Quant MF.

According to the exchange filing by the company on Thursday, Nippon MF at 13.79 per cent, Kotak MF at 13.79 per cent, Carnelian Bharat Amritkaal Fund at 11.82 per cent, Aditya Birla Sunlife MF at 9.93 per cent, and Quant MF at 7.88 per cent were the top anchor investors. 

The company also said that 67.36 per cent of the allocation to anchor investors was allocated to seven domestic mutual funds through a total of 11 schemes.

“The diagnostic sector in which the company operates is highly competitive. Moreover, the company's operations are confined to the eastern part of India, limiting the scope of its market. We believe that the issue is richly priced and recommend ‘Avoid’ rating to the IPO,” said Anand Rathi Research Team in a research report for the public offer.

The company aims to enhance its presence in its operating regions, focusing on Kolkata. Most of its diagnostic centres are situated in urban areas of Kolkata. In addition to focusing on its core geography, the company plans to expand and strengthen its presence in neighbouring regions of eastern and northeastern India, according to the report. 

Suraksha Diagnostic IPO Details

Suraksha Diagnostic Limited is a radiology testing and medical consultancy service company. It has a central reference laboratory with 8 satellite laboratories and 215 customer touchpoints, including 49 diagnostic centres and 166 sample collection centres as of June 30, 2024, across West Bengal, Bihar, Assam, and Meghalaya, according to Chittorgarh data.

The public offer opens for subscription on Friday, November 29, and closes on Tuesday, December 3. The company has set a price range of ₹420 to ₹441 per equity share, with a lot size of 34 equity shares per lot.

The shares are expected to be listed on both domestic stock market indices on Friday, December 6.

ICICI Securities Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd are the book-running lead managers for the Suraksha Clinic and Diagnostic IPO. Kfin Technologies serves as the registrar for the issue.