IPO Alert: Suraksha Diagnostic Limited Filed DRHP with SEBI

The full-service and integrated diagnostic chain Suraksha Diagnostic Limited has filed the Draft Red Herring Prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to float an Initial Public Offering (IPO). Suraksha Diagnostic IPO is entirely an offer-for sale comprising 1,91,89,330 equity shares of face value ₹2 each.

Suraksha Diagnostic has appointed ICICI Securities Limited, Nuvama Wealth Management Limited (Formerly known as Edelweiss Securities Limited), and SBI Capital Markets Limited as book runner lead manager for the IPO. In addition, KFIN TECHNOLOGIES LIMITED has been selected as the registrar for the issue. Suraksha Diagnostic Limited will be listed on NSE and BSE.

Purpose of Suraksha Diagnostic IPO

Suraksha Diagnostic will not receive any proceeds from the Offer, and all such proceeds (net of any

Offer-related expenses to be borne by the Selling Shareholders) will go to the Selling Shareholders in proportion to the Offered Shares sold by the respective Selling Shareholder as part of the Offer.

Overview of Suraksha Diagnostic Limited

Incorporated in 2005, Suraksha Diagnostic Limited is the largest full-service and integrated diagnostic chain headquartered in East India by operating income as of FY2023. Through its extensive operational network, the company provides a one-stop integrated solution for pathology and radiology testing and medical consultation services to its customers.

The company’s network consists of its flagship central reference laboratory, 8 satellite laboratories (co-located with its diagnostic centres) and 194 customer touchpoints, which include 48 diagnostic centres and 146 sample collection centres (primarily franchised), as of March 31, 2024, across the states of West Bengal, Bihar, Assam, and Meghalaya.

As of March 31, 2024, 43 of its diagnostic centres also housed 120 polyclinic chambers, hosting 750+ specialised doctors for patient convenience. During the fiscal year 2024, it conducted approximately 5.98 million tests, serving approximately 1.14 million patients. The company derived 95.48% of its revenue from operations from its core geography, Kolkata, and the rest of West Bengal.

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