Suraksha Diagnostic Limited is preparing to unveil its initial public offering (IPO) of equity shares, set to go live on Friday, November 29, 2024. Investors engaging as Anchor Bidders will have access one business day earlier, on Thursday, November 28, 2024. The window for bids will close on Tuesday, December 3, 2024.
The set Price Band ranges from Rs. 420 to Rs. 441 per equity share. Interested parties are encouraged to submit bids in lots of at least 34 shares, with bids in multiples of this amount.
The IPO is structured as an offer for sale involving up to 19,189,330 equity shares. This includes up to 2,132,148 shares each from Dr. Somnath Chatterjee, Ritu Mittal, and Satish Kumar Verma with Suman Verma, identified as the “Promoter Selling Shareholders.” Additionally, up to 10,660,737 shares will be available from Orbimed Asia II Mauritius Limited, identified as the “Investor Selling Shareholder,” and shares from Munna Lal Kejriwal and Santosh Kumar Kejriwal constituting the “Individual Selling Shareholders.” These entities collectively form the “Selling Shareholders.”
This public offering follows the Book Building Process under the guidelines of Rule 19(2)(b) of the SCRR with Regulation 31, aligned with Regulation 6(1) of SEBI ICDR regulations. Not more than 50% will be distributed proportionally among Qualified Institutional Buyers (QIBs), with discretion to allocate up to 60% of this portion to Anchor Investors based on SEBI ICDR stipulations. Of this, one-third is reserved for domestic mutual fund allocation, contingent on valid bid submission. In cases of undersubscription, remaining shares are redistributed within the QIB Portion.
The Offer also outlines that 5% of the Net QIB Portion must go to mutual funds based on proportional allocation and valid pricing, while the rest is directed to other QIBs, including mutual funds. Furthermore, at least 15% of shares are earmarked for non-institutional investors and no less than 35% for retail investors with valid offers meeting or exceeding the Offer price.
One-third of the non-institutional allotment is designated for bidders with bidding ranges from Rs. 0.20 million up to Rs. 1.00 million, while two-thirds cater to larger than Rs. 1.00 million bids. Any undersubscription across these sectors allows for allocation flexibility as per SEBI ICDR norms.
Bidders, excluding Anchor Investors, must use the Application Supported by Blocked Amount (ASBA) mechanism, submitting ASBA account details or UPI ID as necessary, ensuring bid amounts are restricted by the designated banks or sponsor bank(s) through the UPI arrangement.
The company’s equity shares aim for listing on BSE Limited and the National Stock Exchange of India Limited.
ICICI Securities Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited are appointed as the Book Running Lead Managers for handling the IPO.