Suraksha Diagnostic raises Rs 254 cr via anchor book ahead of Rs 846-cr IPO

Suraksha Diagnostic IPO

Kolkata-based diagnostic services provider Suraksha Diagnostic has raised Rs 253.87 crore from 12 institutional investors via anchor book on November 28, a day before the issue opening. The subscription for all kind of investors will start from November 29, till December 3.

The company targets to mobilise Rs 846.25 crore through its public issue. The IPO entirely comprises an offer-for-sale of 1.9 crore equity shares, with no fresh issue component.

"...has finalised allocation of 57,56,797 equity shares to anchor investors at a price of Rs 441 per equity share," Suraksha Diagnostic said in its filing to exchanges.

Nippon Life India, Kotak Mutal Fund, Aditya Birla Sun Life Trustee, and Quant Mutual Fund are the biggest investors in the company through anchor book, acquiring 7.93 lakh equity shares worth Rs 35 crore each, while Carnelian Bharat Amritkaal Fund picked 6.8 lakh shares worth Rs 30 crore.

Mirae Asset, JM Financial, Bandhan Mutual Fund, Troo Capital, Intergrated Core Strategies, Tusk Investments Equity Fund, and Societe Generale are other investors participated in the anchor book.

"Out of the total allocation of 57.56 lakh equity shares to the anchor investors, 38.77 lakh shares were allocated to 7 domestic mutual funds through a total of 11 schemes," the company said.

The OrbiMed-backed company has fixed price band at Rs 420-441 per share. The entire IPO proceeds (excluding offer expenses) will go to selling shareholders Somnath Chatterjee, Ritu Mittal, Satish Kumar Verma (promoters), OrbiMed Asia II Mauritius (investor), and Munna Lal Kejriwal and Santosh Kumar Kejriwal (other shareholders).

Suraksha Diagnostic competes with listed peers like Dr Lal PathLabs, Metropolis Healthcare, Thyrocare, and Vijaya Diagnostic, operating its diagnostic chain in West Bengal, Bihar, Assam, and Meghalaya.

It offers pathology and radiology testing, and medical consultation services through its strong network consisting of flagship central reference laboratory, 8 satellite laboratories, and 215 customer touchpoints in the four states.