Tue Dec 03 02:08:40 UTC 2024: ## Suraksha Clinic IPO Underwhelms on Day 2, Grey Market Shows No Premium

**Mumbai, December 2, 2024** – The initial public offering (IPO) of Suraksha Clinic and Diagnostic, which opened on November 29th, has seen lackluster response so far. The IPO, aiming to raise ₹846.25 crore by selling 1.92 crore shares priced between ₹420 and ₹441, had only reached 23% subscription by the end of day two.

Retail investor participation was particularly weak at 0.42 times subscription, while Non-Institutional Investors (NIIs) showed only 11% interest. The grey market, an unofficial indicator of investor sentiment, shows no premium or discount on the shares, suggesting the stock may list at its issue price. Allotment is expected on December 4th, with listing on the NSE and BSE tentatively scheduled for December 6th.

Minimum investment for retail investors is ₹14,994 (34 shares), while NIIs require significantly larger investments.

Anand Rathi Research issued an “Avoid” rating for the IPO, citing a rich valuation (99.3x FY24 earnings at the upper price band) and limited geographical reach (eastern India). The firm highlighted the highly competitive diagnostic sector as another concern.

ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets are the lead managers, with Kfin Technologies serving as registrar.

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