Tue Dec 03 14:37:56 UTC 2024: ## Suraksha Diagnostic IPO Oversubscribed on Final Day

**Kolkata, December 3, 2024** – The initial public offering (IPO) of Suraksha Diagnostic Ltd., a Kolkata-based integrated diagnostic chain, concluded today, achieving 1.27 times oversubscription. The ₹846 crore IPO, entirely an Offer for Sale (OFS) of existing shares, saw strong participation from retail and institutional investors.

While the IPO opened with a slow start, reaching only 11% subscription on day one, retail investor interest significantly increased in subsequent days, ultimately reaching 92% subscription by the close of bidding. Non-institutional investors (NIIs) also showed strong participation, with their portion fully subscribed. Qualified Institutional Buyers (QIBs) led the subscription, exceeding their allotted portion by 1.74 times.

The IPO offered shares priced between ₹420 and ₹441. The company had previously raised ₹254 crore from anchor investors. The shares are expected to be listed on the BSE and NSE on December 6th, following allotment on December 4th and refunds on December 5th.

Analysts offered mixed views on the IPO valuation. Some highlighted the company’s strong growth potential within the expanding Indian diagnostics sector, while others expressed concern about its high price-to-earnings ratio (P/E) compared to peers, advising investors to proceed with caution. The grey market premium remained at ₹0 throughout the offering period.

Suraksha Diagnostic operates a network of diagnostic centers and sample collection points across West Bengal, Bihar, Assam, and Meghalaya, offering pathology, radiology, and medical consultation services. The company’s management team expressed confidence in their ability to capitalize on future growth opportunities in the Indian healthcare market. ICICI Securities Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd acted as book-running lead managers for the IPO.

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