Tue Dec 03 04:51:57 UTC 2024: ## Suraksha Diagnostic IPO Undersubscribed on Final Day

**Kolkata, India – November 30, 2024** – The ₹846.25 crore initial public offering (IPO) of Suraksha Diagnostic, an integrated diagnostic chain, closed today significantly undersubscribed. Despite raising ₹254 crore from anchor investors earlier this week, the public portion of the IPO failed to attract sufficient investor interest.

The IPO, priced between ₹420 and ₹441 per share, saw only 25% subscription overall. Retail and high net-worth individual (HNI) investors largely stayed away, with subscription levels at a dismal 0.45 times and 0.13 times, respectively. The Qualified Institutional Buyer (QIB) portion fared only slightly better, receiving a mere 1,326 shares against 38.37 lakh shares on offer.

The IPO, entirely an offer for sale by promoters and existing investors, including OrbiMed Asia II Mauritius Ltd and the Kejriwal family, involved the offering of 19,189,330 shares. Promoters Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma also participated in the offer for sale.

Suraksha Diagnostic, founded in 2005, operates a network of eight satellite laboratories, a central reference laboratory, 49 diagnostic centers, and 166 sample collection centers across West Bengal, Bihar, Assam, and Meghalaya. The company offers pathology, radiology, and medical consultancy services.

ICICI Securities Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd acted as book-running lead managers for the IPO. Shares are expected to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on December 6th. The lukewarm response to the IPO raises questions about investor sentiment towards the diagnostic sector and Suraksha Diagnostic’s prospects in particular.

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