IPO Highlights: Suraksha Diagnostic, Ganesh Infraworld IPO ends today

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Suraksha Diagnostic IPO has been subscribed 1.13 times as at 3.39 pm.

• QIB: 1.53 times
• NIIs: 1.33 times
• Retail: 0.81 times

Suraksha Diagnostic IPO was subscribed 1.01 times as at 3 pm on December 3, 2024. QIB booked 1.52 times, NIIs 0.90 times, and retail portion subscribed 0.76 times.

Suraksha Diagnostic IPO has been subscribed 0.88 times as at 2.27 pm on December 3, 2024. QIB has been subscribed 1.27 times, NIIs 0.74 times, and retail portion 0.73 times.

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Suraksha Diagnostic IPO has been subscribed 0.55 times as at 1.03 pm on December 3, 2024. QIB has been subscribed 0.41 times, NIIs 0.48 times, and retail portion 0.66 times.

The initial public offering (IPO) market of the country has seen a slowdown in subscriptions over the past two months, driven by weak market sentiment and disappointing listing performances, says a report by Axis Capital.

The report highlighted that the investors appear to be exercising caution, reflecting a shift in confidence toward new market entrants.

It said, “A mix of disappointing IPO listing and a sharp decline in market sentiments has resulted in reduction in IPO subscription in last 2 months.”

The report stated that during the current financial year (FY2024), 54 IPOs have been listed, of which 38 are trading above their issue price, suggesting a mixed performance.

It added that the historical data from July 2020 to November 2024 provides a broader view, out of 252 IPOs launched during this period, 186 were initially listed above their issue price, 10 at their issue price, and 67 below it.

However, 31 of the underperforming IPOs have since recovered and are now trading above their issue price as of November 29, 2024.

As of November 29, a total of 185 IPOs are currently trading above their issue price, reinforcing that many listings remain resilient despite recent market challenges.

However, the market capitalization of companies tracked in the IPO Monitor--comprising 237 companies listed between July 2020 and October 2024--has seen a decline of 2.71 per cent in November 2024. The total market cap fell from Rs 39.72 lakh crore in October to Rs 38.68 lakh crore in November.

“From July 2020 through November 2024: Out of 252 IPOs, 186 were listed above their issue price, 10 at issue price, 67 below issue price initially, and 31 recovered to close above issue price by November 29, 2024,” the report said.

The decline reflected broader market challenges, with subdued investor sentiment impacting valuations. This trend has dampened enthusiasm for new IPOs, as investors have become more selective about where to allocate funds.

The underwhelming listings and subsequent corrections highlight the importance of strong fundamentals and market timing for companies entering the market.

The IPO of Bajaj Housing Finance Limited (BHFL) was subscribed to as many as 67 times, while Hyundai Motor IPO saw a muted response from retail investors as the issue was subscribed 2.37 times only, and recently the NTPC Green IPO also received a muted response as the shares list at 3.24 per cent premium over the IPO price.

While the long-term performance of IPOs remains promising for many, the recent slowdown underlines the importance of stabilizing market conditions to restore investor confidence.

However, a rebound in market sentiment, coupled with better-performing listings, could reinvigorate the IPO landscape in the coming months. 

ANI

Suraksha Diagnostic IPO has been subscribed 0.39 times as at 12.18 pm.

• QIB: NIL
• NIIs: 0.37 times
• Retail: 0.62 times

Total: 0.39 times

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Suraksha Diagnostic IPO has been subscribed 35% or 0.35 times as at 11.24 am on December 3, 2024. The retail portion has been subscribed 0.58 times, and NIIs 0.27 times. QIBs portion NIL at the time of writing.

The IPO ends today.

The initial public offering (IPO) of Suraksha Diagnostic Ltd got subscribed 25 per cent on the day two of share sale on Monday.

The initial share sale received bids for 34,00,068 shares against 1,34,32,533 shares on offer, as per NSE data.

The Retail Individual Investors (RIIs) part fetched 45 per cent subscription while the quota for non-institutional investors got subscribed 13 per cent.

Integrated diagnostic chain Suraksha Diagnostic Ltd on Thursday said it has mobilised Rs 254 crore from anchor investors.

The Rs 846-crore initial share sale will conclude on December 3. The shares are available in the price range of Rs 420-441 apiece.

PTI

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The ₹846.25-crore initial public offering of Suraksha Diagnostic closes for public subscription today. The IPO has been subscribed 25 per cent so far, with retail and high net individuals remaining on the sidelines. The IPO is priced in a band of ₹420-441 and the market lot is 34 shares.

The public issue of the integrated diagnostic chain is entirely an offer for sale by the promoters and investor shareholders.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 10 per cent for non-institutional investors. The QIB portion has received just 1,326 shares, against 38.37 lakh shares on offer. The HNI and retail investor portions, too, remain undersubscribed at 0.13 times and 0.45 times, respectively.

The Kolkata-headquartered company’s IPO consists of an OFS of 19,189,330 shares by promoters Somnath Chatterjee, Ritu Mittal and Satish Kumar Verma, and investors OrbiMed Asia II Mauritius Ltd, Munna Lal Kejriwal and Santosh Kumar Kejriwal.

The company on Thursday raised ₹254 crore from anchor investors. In a disclosure to the stock exchanges, Suraksha Diagnositc said it has allotted 57.57 lakh equity shares to 16 funds at ₹441 apiece, including Nippon India Mutual Fund, Kotak MF, Aditya Birla Sun Life MF, Quant MF and Carnelian Bharat Amritkaal Fund.

Incorporated in 2005, the company offers pathology, radiology testing and medical consultancy services. It has a central reference laboratory with eight satellite laboratories and 215 customer touchpoints, including 49 diagnostic centres and 166 sample collection centres as of June 30, 2024, across West Bengal, Bihar, Assam, and Meghalaya.

Shares will be listed on the BSE and the National Stock Exchange.

ICICI Securities Ltd, Nuvama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue. The equity shares are expected to be listed on the BSE and NSE on December 6.

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