Suraksha Diagnostic IPO secures ₹253 crore from anchor investors ahead of Public Issue

Suraksha Diagnostic Ltd has successfully raised ₹253 crore from anchor investors as part of its initial public offering (IPO). The public offer is set to open for subscription on November 29, 2024, with a price band of ₹420 to ₹441 per share.

According to a filing with the stock exchange on November 28, the company allocated 57.56 lakh shares to anchor investors at ₹441 per share, with a face value of ₹2. The anchor investors include prominent names such as 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.

Among the leading investors, Nippon MF and Kotak MF each hold 13.79%, while Carnelian Bharat Amritkaal Fund has 11.82%. Other significant investors include Aditya Birla Sunlife MF (9.93%) and Quant MF (7.88%). Notably, 67.36% of the anchor investor allocation has been directed towards seven domestic mutual funds across 11 schemes.

While the IPO has generated strong interest, the Anand Rathi Research Team has issued an "Avoid" rating, citing the competitive diagnostic sector and Suraksha’s limited market presence, particularly confined to eastern India. The company plans to expand its reach in Kolkata and neighboring regions in eastern and northeastern India.

Suraksha Diagnostic operates a central reference laboratory with eight satellite laboratories and 215 customer touchpoints, including 49 diagnostic centers and 166 sample collection centers across West Bengal, Bihar, Assam, and Meghalaya, as of June 30, 2024.

The IPO subscription opens on November 29 and closes on December 3, with shares expected to list on December 6, 2024. The company is offering a price range of ₹420 to ₹441 per share, with a lot size of 34 shares. ICICI Securities Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd are the book-running lead managers for the issue, with Kfin Technologies serving as the registrar.