Suraksha Diagnostic Raises Rs 253 Crore From Anchor Investors Prior To IPO Launch

Suraksha Diagnostic Ltd. has raised Rs 253.87 crore from anchor investors on Thursday, ahead of its initial public offering. The company allotted 57 lakh shares at Rs 441 apiece to 16 anchor investors.

Nippon Life India Trustee Ltd.-A/C Nippon India Pharma Fund RCT-RPF and Kotak Small Cap got the highest allocation of 13.79%. Carnelian Bharat Amritkaal Fund got the second highest allotment of 11.82%, and Aditya Birla Sun Life Trustee Private Ltd. A/C Aditya Birla Sun Life Pharma & Healthcare Fund got a 9.93% stake in the company.

Seven domestic mutual funds have applied through 11 schemes, the diagnostic chain said in an exchange filing on Thursday. They have collectively netted 67.36% of the anchor portion.

Kotak, Aditya Birla, Mirae, and Nippon were among the top fund houses in this category.

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

The company will launch its initial public offering on Thursday to raise up to Rs 846.25 crore. The company has set a price band of Rs 420-441 per share for its three-day IPO, which only comprises an offer for the sale of 1.92 crore shares. The minimum application lot size is 34 shares.

The offer, which concludes on Tuesday, is set to list on the BSE and the National Stock Exchange.

The company will not receive any proceeds from the IPO, as the issue consists solely of an offer for sale. The entire proceeds will be received by Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma. Meanwhile, OrbiMed Asia II Mauritius Limited, Munna Lal Kejriwal, and Santosh Kumar Kejriwal, the promoters, are offloading their stake.

Incorporated in 2005, Suraksha Diagnostic is a diagnostic chain in Eastern India, providing a wide range of medical testing services like pathology, radiology testing, and medical consultancy services.