Suraksha Diagnostic, the largest full-service and integrated diagnostic chain, will list its shares on the stock exchange later today. According to GMP trends, the stock is likely to trade at a slight premium over its issue price.
Before the offering, the firm had a GMP of barely Rs 15 in the grey market, compared to an IPO price of Rs 441.
However, it is important to note that gray market premiums are only a reflection of how the company's shares are distributed in the unlisted market and can change quickly.
Suraksha Diagnostics' IPO just made it through on the final day of the bidding procedure after receiving responses on the first two days. At the close, the overall subscription rate was 1.27 times.
Since the IPO is entirely an OFS, the company will get no funds from the offering.
Suraksha Diagnostic, headquartered in east India, provides its customers with a comprehensive one-stop solution for pathology and radiology tests, as well as medical consultation services.
As of March 31, 2024, its operational network included a flagship central reference laboratory, 8 satellite laboratories, and 194 customer touchpoints, including 48 diagnostic centers and 146 sample collection centers (primarily franchised), spread across West Bengal, Bihar, Assam, and Meghalaya.
During fiscal year 2024, it performed almost 5.98 million tests for approximately 1.14 million patients.
According to a Crisil analysis, the diagnostics services market in India is expected to be worth roughly Rs 86,000-87,000 crore in fiscal 2024, growing at a CAGR of 10% to 12% to reach around Rs 1,27,500 - Rs 1,37,500 crore by fiscal 2028.
Suraksha's revenues rose to Rs 219 crore in FY24, up from Rs 190 crore the previous year. Meanwhile, earnings after tax increased severalfold to Rs 23 crore.
