Because the issue is entirely an OFS, the company receives no proceeds and all money goes to the selling shareholders (Photo: Shutterstock)
Integrated diagnostic chain Suraksha Diagnostic Ltd has received approval from Sebi to raise money through an initial public offering (IPO), an update from the market regulator said on Monday.
The proposed IPO of the Kolkata-headquartered company consists of an Offer-for-Sale (OFS) of up to 1.92 crore shares by promoters and investor-shareholders, with no fresh issue component, as per the Draft Red Herring Prospectus (DRHP).
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Under the OFS, promoters – Somnath Chatterjee, Ritu Mittal, Satish Kumar Verma and investors – OrbiMed Asia II Mauritius Ltd, Munna Lal Kejriwal and Santosh Kumar Kejriwal will sell shares.
The company, which had filed preliminary IPO papers in July, was put on notice by the regulator on September 30, the update showed.
In Sebi’s parlance, getting its observations means the regulator raising the public issue.
According to the draft papers, the company will not receive any proceeds and all funds will go to the selling shareholders as the issue is entirely an OFS.
The company, in its draft documents, explained the rationale for the IPO, stating that the listing is to gain the benefit of listing shares on the stock exchanges and conducting OFS for the selling shareholders.
Because the issue is entirely an OFS, the company receives no proceeds and all the money goes to the selling shareholders.
Suraksha Diagnostic offers its customers an all-in-one integrated solution for pathology and radiology testing and medical consultation services through its extensive operational network comprising a central reference laboratory, 8 satellite laboratories and 194 customer touch points including 48 diagnostic centers and 146 sample collection centers (mainly franchised ), in West Bengal, Bihar, Assam and Meghalaya from March 31, 2024.
During fiscal year 2024, it conducted approximately 5.98 million tests on approximately 1.14 million patients.
ICICI Securities Ltd, Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the lead managers of the issue. The shares are proposed to be listed on BSE and NSE.
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First publication: Oct 07, 2024 | 5:52 PM IST