Suraksha Diagnostic IPO listing: Shares list at 1% discount on BSE, NSE

Suraksha Diagnostic IPO listed today: Shares of integrated diagnostic services provider Suraksha Diagnostic made a subdued debut on the bourses on Friday, December 6, 2024. On BSE, Suraksha Diagnostic shares listed at Rs 437 apiece, reflecting a discount of 0.90 per cent over the IPO allotment price of Rs 441.  On the National Stock Exchange (NSE), Suraksha Diagnostic shares listed at Rs 438 apiece, a discount of 0.68 per cent over the issue price.

 

The listing was below the grey market's expectations. Ahead of the listing, Suraksha Diagnostic shares were quoted at Rs 454 in the grey market, reflecting a premium of Rs 13, or 2.95 per cent, over the issue price, according to sources tracking grey market activities.

 

The Suraksha Diagnostic IPO was open for subscription from Friday, November 29, 2024, to Tuesday, December 3, 2024, at a price band of Rs 420-441 per share, with a lot size of 34 shares.

 

The Rs 846.25 crore IPO, which comprised an offer for sale (OFS), received a muted response from investors, with an overall subscription of 1.27 times, as per BSE data. This was led by Qualified Institutional Buyers (QIBs), who subscribed 1.74 times, followed by Non-Institutional Investors (NIIs) at 1.41 times, and retail investors at 0.95 times. The basis of allotment for the Suraksha Diagnostic IPO was finalized on Wednesday, December 4, 2024.

 

Notably, since this was an OFS, the company will not receive any proceeds from the public offering.

 

KFin Technologies acted as the registrar for the Suraksha Diagnostic IPO, while ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets were the book-running lead managers.

 

Suraksha Diagnostic is a diagnostic services provider operating in eastern and northeastern India. The company offers pathology, radiology testing, and medical consultancy services through its network of laboratories and diagnostic centers. Suraksha Diagnostic has a strong presence in West Bengal, Bihar, Assam, and Meghalaya, with 215 customer touchpoints as of June 30, 2024. The company leverages technology platforms such as LIMS, RIS, PACS, and ERP to streamline its operations.