Suraksha Diagnostic IPO 2024 Highlights: The IPO launched on November 29 aims to raise Rs 846.25 crore by selling 1.92 crore fresh shares. The IPO closes on December 3. The allotment for the IPO is expected to be finalised on December 4. The company set the price band between Rs 420 to Rs 441 per equity share.
Suraksha Diagnostic offers pathology, radiology testing and medical consultancy services. The company’s more than 90% of its revenue comes from West Bengal. ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets are the book-running lead managers of the IPO, while Kfin Technologies is the registrar for the issue.
Suraksha Diagnostic IPO 2024 Highlights: IPO listing date, time, GMP price
Suraksha Diagnostic IPO 2024 Live Updates: Revenue Concentration Risk
With over 90% of its revenue coming from West Bengal, Suraksha Diagnostic faces a significant revenue concentration risk. Any adverse regional developments could impact the company’s financial performance, underscoring the need for geographical diversification.
Suraksha Diagnostic IPO 2024 Live Updates: Absence of QIB Participation
Suraksha Diagnostic IPO 2024 Live Updates: Non-Institutional Investor Participation
Non-institutional investors (NIIs) subscribed to only 4% of their quota on the first day. The low participation rate raises concerns about demand among high-net-worth individuals and other non-retail investors.
Suraksha Diagnostic IPO 2024 Live Updates: Retail Investor Interest
Retail investors showed limited interest on Day 1, subscribing to only 0.20 times their allocated portion. This response may improve in the coming days as more investors assess the company’s growth potential and market dynamics.
Suraksha Diagnostic IPO 2024 Live Updates: Grey Market Performance
In the grey market, Suraksha Diagnostic’s shares are trading at par with the issue price. This indicates that the listing may occur near the offer price, reflecting subdued investor sentiment in the unofficial trading market.
Suraksha Diagnostic IPO 2024 Live Updates: Financial Performance
According to Bajaj Broking, Suraksha Diagnostic’s IPO appears to be fully priced. Based on FY25 projected earnings, the post-IPO fully diluted equity base suggests a price-to-earnings (P/E) ratio of 74.87. For FY24 earnings, the P/E stands at 99.32, reflecting the premium pricing of the offering.
Suraksha Diagnostic IPO 2024 Live Updates: Operational Network
The company operates through a main reference laboratory supported by eight subsidiary labs. In addition, it has established 215 customer interaction points, which include 49 diagnostic centers and 166 sample collection sites. These facilities span across states like West Bengal, Bihar, Assam, and Meghalaya.
Suraksha Diagnostic IPO 2024 Live Updates: About the company
Founded in 2005, Suraksha Diagnostic Limited provides pathology, radiology testing, and medical consultancy services. As of June 30, 2024, the company operates a central reference laboratory, 8 satellite laboratories, and 215 customer touchpoints, including 49 diagnostic centers and 166 sample collection centers across West Bengal, Bihar, Assam, and Meghalaya.
Suraksha Diagnostic IPO 2024 Live Updates: GMP price update
The latest GMP for the Suraksha Clinic and Diagnostic IPO is Rs 0, as of Nov 30th, 2024, 03:32 PM. With a price band of Rs 441.00, the estimated listing price is Rs 441 (cap price + today's GMP). The expected percentage gain/loss per share is 0.00 per cent.
Suraksha Diagnostic IPO 2024 Live Updates: Subscription status
The Suraksha Diagnostic IPO saw the following day-wise subscription details on November 29, 2024: Qualified Institutional Buyers (QIB) subscription stood at 0.00 times, Non-Institutional Investors (NII) at 0.04 times, and Retail Investors at 0.20 times, resulting in a total subscription of 0.11 times.
Suraksha Diagnostic IPO 2024 Live Updates: Book-running lead managers and registrar for the issue
ICICI Securities Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited are serving as the book-running lead managers for the Suraksha Diagnostic IPO, with Kfin Technologies Limited acting as the registrar for the issue.
Suraksha Diagnostic IPO 2024 Live Updates: Suraksha Diagnostic IPO lot size for different categories
The Suraksha Diagnostic IPO allows investors to bid for a minimum of 34 shares, with additional shares available in multiples of 34. For retail investors, the minimum investment is Rs 14,994 for 34 shares, and the maximum is Rs 194,922 for 442 shares. Small HNIs (S-HNI) can invest a minimum of Rs 209,916 for 476 shares, with a maximum investment of Rs 989,604 for 2,244 shares. Large HNIs (B-HNI) can invest a minimum of Rs 1,004,598 for 2,278 shares.
Suraksha Diagnostic IPO 2024 Live Updates: Price band and minimum investment to bid
The price band for Suraksha Diagnostic's IPO is set between Rs 420 and Rs 441 per share. Retail investors are required to invest a minimum of Rs 14,994 for 34 shares. For sNII (small and non-institutional investors), the minimum investment is Rs 209,916 for 14 lots (476 shares), while bNII (big non-institutional investors) must invest Rs 1,004,598 for 67 lots (2,278 shares).
Suraksha Diagnostic IPO 2024 Live Updates: Tentative Schedule
The Suraksha Diagnostic IPO opened for subscription on November 29, 2024, and will close on December 3, 2024. The allotment for the IPO is expected to be finalized on Wednesday, December 4, 2024. The shares of Suraksha Diagnostic are set to be listed on the BSE and NSE, with the tentative listing date scheduled for Friday, December 6, 2024.
Suraksha Diagnostic IPO 2024 Live Updates: Market Sentiment and Expectations
Despite a lukewarm response on the first day, analysts expect institutional buyers to come forward towards the end of the subscription period. This trend has been observed in previous IPOs, where QIBs make significant investments on the final day.
Suraksha Diagnostic IPO 2024 Live Updates: Day 1 Subscription Figures
As of the first day, the IPO was subscribed to 11% of its total offering. Retail investors subscribed 0.20 times, while non-institutional investors (NIIs) booked 4% of their allocated portion. Notably, Qualified Institutional Buyers (QIBs) have yet to participate in the IPO.
Suraksha Diagnostic IPO 2024 Live Updates: Lead Managers and Registrars
ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets have been appointed as the book-running lead managers for the IPO. Kfin Technologies will serve as the registrar for the issue, managing the subscription process and share allotment.
Suraksha Diagnostic IPO 2024 Live Updates: Company Profile
Suraksha Diagnostic is a leading provider of pathology, radiology, and medical consultancy services. The company’s operations are primarily concentrated in West Bengal, contributing to over 90% of its revenue. The firm has a strong regional presence and aims to expand its footprint through this public offering.
Suraksha Diagnostic IPO 2024 Live Updates: IPO Timeline
The allotment for Suraksha Diagnostic’s IPO is expected to be finalized on December 4. Following the allotment, refunds will be initiated for unsuccessful bidders, and successful applicants will receive their shares in their demat accounts before listing.
Suraksha Diagnostic IPO 2024 Live Updates: IPO Details
Suraksha Diagnostic’s Initial Public Offering (IPO) launched on November 29, aiming to raise Rs 846.25 crore by issuing 1.92 crore fresh shares. The IPO will close on December 3. The company has set a price band of Rs 420 to Rs 441 per equity share, giving investors a narrow range to place their bids.
Suraksha Diagnostic IPO 2024 Live Updates: Subscription status
The IPO was subscribed to a total of 11% on day 01. The retail investors booked the issue 0.20 times while the NIIs subscribed the IPO to a mere 4%. However, the qualitative institutional buyers didn't show any interest in the issue. They might jump on the last day to save the issue similar to that of Hyundai Motor India.
Suraksha Diagnostic IPO 2024 Live Updates: Well positioned for growth opportunities
Suraksha Diagnostic is a diagnostic chain in eastern India that is well-positioned to capitalize on the growth opportunities for organized diagnostic chains in the diagnostic services markets of eastern and northeastern India. They have established a comprehensive operational network spanning the states of West Bengal, Bihar, Assam, and Meghalaya.
Suraksha Diagnostic IPO 2024 Live Updates: About Suraksha Diagnostics
Suraksha Diagnostic offers pathology, radiology testing, and medical consultancy services. The organization operates a main reference laboratory, which is supplemented by 8 subsidiary laboratories and 215 customer interaction points, comprising 49 diagnostic centres and 166 sample collection sites across West Bengal, Bihar, Assam, and Meghalaya.
Suraksha Diagnostic IPO 2024 Live Updates: Bajaj Broking on Suraksha Diagnostics
"If we annualize FY25 earnings to the post-IPO fully diluted equity base, the asking price reflects a P/E of 74.87. Based on FY24 earnings, the P/E stands at 99.32, indicating the IPO is fully priced.
For the reported financial periods, while PAT margins are not disclosed in the offer document, the RoCE margins were 23.11% (FY22), 9.05% (FY23), 21.46% (FY24), and 6.32% (Q1-FY25)," said Bajaj Broking in an IPO note.
In the grey market, shares of Suraksha Clinic and Diagnostics were trading at par with the issue price. This indicates that the stock might list around the issue price. The grey market is an unofficial place where share change hand illegally ahead of listing.
Suraksha Diagnostic IPO 2024 Live Updates: Anand Rathi Research on IPO
"At the upper band company is valuing at 99.3x its FY24 earnings along with being valued at 75.0x if we annualize FY25 earnings. Following the issuance of equity shares, the company's market capitalization stands at Rs 22,967.6 million, with a market cap-to-sales ratio of 10.5 based on its FY24 earnings. We believe that the issue is richly priced and recommend “Avoid” rating to the IPO," said Anand Rathi Reseach in an IPO note.