Kolkata-based Suraksha Diagnostic eyes $100 million IPO; PE investor OrbiMed to sell stake

The diagnostic chain’s private equity capitalist, OrbiMed, is likely to market a huge part of its risk via the IPO. Suraksha Diagnostic mostly runs in West Bengal, with over 40 centres in the State, and has one centre each in Patna and Guwahati.

Suraksha Diagnostic Pvt Ltd, a West Bengal-based analysis chain, has actually started deal with its going public (IPO), which will certainly see the firm increase as long as $100 million (around Rs 800 crore), resources familiar with the growth told Moneycontrol.

The analysis chain’s personal equity investor, OrbiMed, is most likely to offer a large part of its risk through the IPO, the sources added.

Integrated in 2005, the firm is promoted by Kishan Kejriwal and Dr Somnath Chatterjee. It offers analysis solutions in pathology, cardiology, gastroenterology, neurology and imaging. The analysis chain primarily runs in West Bengal, with over 40 centres in the state, along with one centre each in Patna and Guwahati.

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” Deal with the IPO has actually started already. Investment bank ICICI Securities is recommending the company on its strategies to listing,” claimed one of the resources.

” As of now, the strategy is for an IPO that will mostly be an offer for sale by existing shareholders, and within that, OrbiMed is likely to be the largest seller. The numbers are still being serviced,” the resource included.

OrbiMed purchased Suraksha in 2016, investing fresh funding into the company as well as getting the risk of personal equity capitalist Lighthouse, which had purchased the company in 2013.

OrbiMed holds a stake of near to 35 percent in Suraksha, documents filed with the Registrar of Companies show.

E-mails sent out to OrbiMed and the Suraksha diagnostics promoters are yet to generate a feedback.

OrbiMed India bets

OrbiMed is a worldwide health care investment firm with over $17 billion in possessions under monitoring. It spends across the healthcare market, from startups to huge international firms, through its personal equity funds, public equity funds, and royalty/credit funds.

In 2015, the PE financier increased greater than $4.3 billion in dedications for its most recent exclusive mutual fund.

OrbiMed’s financial investments in India consist of healthcare items circulation system Entero Health care Solutions, generics pharmaceutical formulations manufacturer Marksans Pharma, D2C ayurvedic nourishment brand Kapiva, and stem cell financial institution reproductive analysis remedies company LifeCell.

Last month, Orbimed marketed shares worth Rs 480 crore in the Rs 1,600 crore Entero Healthcare Solutions IPO, offering almost a 3rd of its 57 percent stake in the business.

Healthcare IPOs

The IPO boom has actually seen a number of health care services firms tap the marketplaces to raise funds.

Eastern India-focused GPT Medical care raised Rs 525 crore in February, while Western-India focused Jupiter Life Line Hospitals raised Rs 542 crore from its September IPO.

In July, Noida-based Yatharth Health Center & Trauma Treatment Providers Ltd had actually increased Rs 686 crore via its IPO.

Insurance coverage third-party administrator Medi Assist Health care went public in January.

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