Suraksha Diagnostic Submits DRHP to SEBI: Get Details on Their Upcoming IPO

•    Suraksha Diagnostic offers pathology, radiology, and medical consultation services
•    Suraksha Diagnostic profit increased by 281.32% for FY24
•    Promoters of the company are offering up to 19,189,330 equity shares for sale

Suraksha Diagnostic submits DRHP with SEBI and will be coming up with its public issue in the upcoming time; the public issue will be offering a 100% book-built offer. This upcoming IPO is entirely an offer for sale worth up to 19,189,330 equity shares. The face value is reported as Rs 2 for each share. This new IPO issue is being made through the book-building process with a reservation of not more than 50% of the new offer reserved for Qualified Institutional Investors, not less than 15% reserved for NII and the remaining 35% or more reserved for Retail Individuals. The opening and closing dates of this IPO have not yet been disclosed, and the price band will be announced soon by the company.

About Suraksha Diagnostic Private Limited

Suraksha Diagnostic, the largest full-service and integrated diagnostic chain in East India offers a comprehensive range of pathology and radiology testing, along with medical consultation services. Their operational network includes a central reference laboratory accredited by the College of American Pathologists, 8 satellite laboratories, and 194 customer touchpoints. With a CAGR of 20.87% in non-COVID revenues between 2022 and 2024, Suraksha Diagnostic conducted 5.98 million tests in Fiscal 2024, serving 1.14 million patients. Their integrated services, including 2,300+ tests and 750+ specialized doctors, position them as a leader in the diagnostics market.

Suraksha Diagnostic Private Limited IPO Objectives

The Offer consists of the Offer for Sale. The entire proceeds from the Offer for Sale will be paid to the Selling Shareholders (after deducting applicable Offer Expenses), and our company will not receive any such proceeds.

Financials of the Company

For the FY year ended March 2024, compared to March 2023, the company's assets increased by 6.76% to Rs 300.21 Crore. However, revenue increased by 15.03% to Rs 218.71 crore, and profit after tax showed a massive increase of 281.32% to Rs 23.13 crore for the same period. Total borrowings decreased to Rs 8.64 crore from Rs 14.01 crore as compared to FY24 from FY23. These numbers show how the company's finances have been and where exactly there is a need to make strategic changes.

Lead manager(s), Registrar of IPO & Promoter(s) of the Company

The IPO is managed by ICICI Securities Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), and SBI Capital Markets Limited. The company has appointed KFin Technologies Limited as the registrar for the issue, while the company has Dr Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma as their promoter(s).