The initial share sale of Suraksha Diagnostic saw muted response from investors on the first day of bidding, November 29, recording 11 percent subscription. Investors applied for 14.62 lakh equity shares compared to the offer size of 1.34 crore shares, the data on exchanges showed.
The Kolkata-based diagnostics services provider targets to raise Rs 846.25 crore through its maiden public issue, which consists of solely an offer-for-sale of 1.9 crore equity shares by promoters and investors. The price band for the offer has been fixed at Rs 420-441 per share.
Retail as well as non-institutional investors were at the forefront to support the issue to get 11 percent subscription, buying 20 percent shares and 4 percent shares of their allotted quotas, respectively.
The qualified institutional investors have not submitted any bids for the issue yet.
Suraksha Diagnostic has raised Rs 253.87 crore from several anchor investors on November 28, a day before the issue opening for all kinds of investors. Quant Mutual Fund, Societe Generale, Carnelian, JM Financial, Troo Capital, Tusk Investments, Nippon Life India, Kotak Mutual Fund, and Aditya Birla Sun Life AMC participated in the anchor book on Thursday.
The IPO funds (excluding offer expenses) will be received by the selling shareholders including promoters (Somnath Chatterjee, Ritu Mittal and Satish Kumar Verma), and investor OrbiMed Asia II Mauritius. The company will not receive any money from the issue.
Suraksha Diagnostic operates its diagnostic chain in four states - West Bengal, Bihar, Assam, and Meghalaya, offering pathology and radiology testing, and medical consultation services.
The public issue will close for subscription on December 3, while the trading in equity shares will commence on the bourses, effective December 6.
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