Theranautilus Secures $1.2 Mn in Seed...
19 Nov 2024
Suraksha Diagnostic, backed by OrbiMed, has submitted the draft red herring prospectus (DRHP) to SEBI to launch an IPO, expected to be around Rs 850 crore. The IPO will include an Offer for Sale (OFS) of up to 19,189,330 equity shares by various shareholders.
This includes up to 10,660,737 shares from OrbiMed Asia II Mauritius Limited, 2,132,148 shares each from promoter shareholders Dr. Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma, and shares from individual shareholders Munna Lal Kejriwal and Santosh Kumar Kejriwal, offering up to 799,556 and 1,332,593 shares, respectively.
OrbiMed, which invested in Suraksha in 2016, holds about a 35% stake in the company. Suraksha, founded in 1992 by Chatterjee and Mittal, provides pathology and radiology testing, along with medical consultations. Its network includes a central reference laboratory, eight satellite labs, and 194 customer touchpoints comprising 48 diagnostic centers and 146 sample collection centers across West Bengal, Bihar, Assam, and Meghalaya as of March 31, 2024.
The company's revenue was Rs 179.4 crore in FY24, up from Rs 155.93 crore in FY23. According to a CRISIL report, India's diagnostic services market, valued at Rs 86,000 crore to Rs 87,000 crore in FY24, is projected to grow annually by 10%-12%, reaching approximately Rs 1.27 lakh crore to Rs 1.37 lakh crore by FY28.
The eastern and northeastern India market, valued at Rs 17,000 crore to Rs 18,000 crore in FY24, is expected to grow at a CAGR of 10.5% to 12.5%, reaching around Rs 26,000 crore to Rs 28,000 crore by FY28. ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets are the lead managers for the IPO.
Chat on WhatsApp
Request a call back
