Suraksha Diagnostics IPO: What GMP signals after day 1 of bidding? Subscription status, review, apply or not?

Suraksha Diagnostic IPO 2024 Live Updates GMP Listing Date time IPO Allotment Listing Review: The company raised a sum of Rs 253.87 crore from anchor investors by selling them 5.75 million shares.

Suraksha Diagnostic's IPO opens for subscription today. It is exclusively an offer for sale comprising 1.91 crore shares. The subscription ends on December 3, with allotment on December 4 and listing on December 6.

Suraksha Diagnostic IPO is set with a price band of ₹420 to ₹441, opening for subscription on November 29. The company boasts a comprehensive range of diagnostic services and significant revenue growth,

The public issue will close for subscription on December 3, while the trading in equity shares will commence on the bourses, effective December 6.

Ahead of the IPO opening, Suraksha Diagnostic raised ₹253.87 crore from 12 institutional investors, including, Nippon Life India, Kotak Mutal Fund, Aditya Birla Sun Life Trustee, and Quant Mutual Fund,

The issue size of the Suraksha Diagnostic Limited IPO is Rs 846.25 crore which comprises an offer for sale (OFS) of 1.91 crore shares, with no fresh issue component.

While Suraksha Diagnostic's revenue growth over the past few years has remained muted, the company's margins have expanded from 28% in fiscal 2022 to 32% in fiscal 2024. The company's net profit has grown at a 5.4% compounded annual growth rate over FY22-24.

The company's unlisted shares were trading flat in the grey market ahead of the subscription opening. As a result, the grey market premium (GMP) for the Suraksha Diagnostic IPO remains nil on Friday

The IPO of Suraksha Diagnostic is entirely an offer-for-sale (OFS) of up to 1,91,89,330 equity shares by its promoters and existing shareholders, amounting to Rs 846.25 crore.