Suraksha Diagnostic shares list at 1% discount over IPO price

The shares of Suraksha Diagnostic on Friday debuted with a 0.9% discount at Rs 437 on BSE as compared to its IPO price of Rs 441.

The stock listed at Rs 438, dropping 0.7% on the NSE.

Ahead of the listing, the company boasted a GMP of just Rs 15 in the grey market, compared with an IPO price of Rs 441.


However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.

The IPO of Suraksha Diagnostic just managed to sail through on the last day of the bidding process after getting response on the first two days. The overall subscription stood at 1.27 times at close.

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Since the IPO is completely an OFS, the company will not receive any proceeds from the issue.

Suraksha Diagnostic, headquartered in east India, offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services to its customers.

Its operational network consists of a flagship central reference laboratory, 8 satellite laboratories and 194 customer touchpoints which include 48 diagnostic centres, and 146 sample collection centres (primarily franchised), across the states of West Bengal, Bihar, Assam, and Meghalaya, as of March 31, 2024.

During fiscal 2024, it conducted nearly 5.98 million tests serving approximately 1.14 million patients.

According to a Crisil report, the diagnostics services market in India is estimated to be around Rs 86,000-87,000 crore in fiscal 2024 and is projected to grow at a CAGR of around 10% to 12% to reach approximately Rs 1,27,500 - Rs 1,37,500 crore by fiscal 2028.

In FY24, Suraksha's revenues improved to Rs 219 crore as compared to Rs 190 crore in the year-ago period. Meanwhile profit after tax grew multifold to Rs 23 crore.

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