NE BUSINESS BUREAU
CHENNAI, JULY 26
Suraksha Diagnostic Limited, which is backed by global investment firm OrbiMed, has filed preliminary papers with the capital markets regulator SEBI (https://www.icicisecurities.com/Upload/ArticleAttachments/Suraksha%20Diagnostic%20Limited%20-%20Draft%20Red%20Herring%20Prospectus.pdf) for fund raising via an initial public offering.
According to the draft red herring prospectus, the Initial Public Offering of the Kolkata headquartered company consists of an Offer for Sale of up to 19,189,330 Equity Shares by the Selling Shareholders.
The OFS comprises up to 10,660,737 Equity Shares by the Investor Selling Shareholder – OrbiMed Asia II Mauritius Limited; up to 2,132,148 Equity Shares each by the Promoter Selling Shareholders – Dr. Somnath Chatterjee, Ritu Mittal and Satish Kumar Verma, and the Individual Selling Shareholders, Munna Lal Kejriwal and Santosh Kumar Kejriwal offering up to 799,556 Equity Shares and up to 1,332,593 Equity Shares, respectively.
The objects of the Offer are to carry out the Offer for Sale of up to 19,189,330 Equity Shares by the Selling Shareholders; and achieve the benefits of listing the Equity Shares on the Stock Exchanges
Dr. Somnath Chatterjee along with late Kishan Kumar Kejriwal built a fully comprehensive diagnostic centre in Kolkata, under the ‘Suraksha’ brand in 1992.
The company which is currently promoted by Dr. Somnath Chatterjee, Joint Managing Director, and Ritu Mittal, Joint Managing Director and Chief Executive Officer offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services to its customers through its extensive operational network, consisting of a flagship central reference laboratory, 8 satellite laboratories (co-located with diagnostic centers) 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.
Suraksha offers a comprehensive range of 2,300+ tests that cover a range of specialties and disciplines.
The company provides pathology and radiology testing, and medical consultation services, comparing itself with Agilus Diagnostics, Dr Lal Pathlabs, Metropolis Healthcare, and Thyrocare Technologies.
During Fiscal 2024, it conducted approximately 5.98 million tests serving approximately 1.14 million patients.
In the fiscal year gone by (2024), Suraksha Diagnostic recorded net profit at Rs 23.1 crore and revenue at Rs 218.7 crore, increasing from Rs 6.1 crore and Rs 190.1 crore in previous fiscal year ended March 2023.
ICICI Securities Limited, Nuvama Wealth Management Limited and SBI Capital Markets Limited are the book running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE.
