Suraksha Diagnostic files IPO papers with SEBI

Integrated diagnostic chain Suraksha Diagnostic Ltd has filed preliminary papers with capital markets regulator Sebi for floating an Initial Public Offering (IPO).

The Kolkata-headquartered company's IPO consists of an Offer for Sale (OFS) of up to 1.92 crore equity shares by promoters and investor shareholders, with no fresh issue component, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday.

Under the OFS, promoters – Somnath Chatterjee, Ritu Mittal, Satish Kumar Verma and investors – OrbiMed Asia II Mauritius Ltd, Munna Lal Kejriwal and Santosh Kumar Kejriwal will offload shares.

Since the issue is completely an OFS, the company will not receive any proceeds and all the funds will go to the selling shareholders.

Explaining the reason for going public, the company said it is aimed at achieving the benefit of listing equity shares on the stock exchanges and carrying out OFS for the selling shareholders.

Suraksha Diagnostic 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 and 194 customer touchpoints which include 48 diagnostic centres, and 146 sample collection centres (primarily franchised), across West Bengal, Bihar, Assam and Meghalaya as of March 31, 2024.

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

ICICI Securities Ltd, Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue.

The equity shares are proposed to be listed on BSE and NSE.