Star Imaging and Path Lab IPO Full Details

Star Imaging Path Lab Limited is a leading private diagnostic brand in Delhi and NCR, operating for over three decades. Established as the high-tech wing of Janta X-Ray Clinic (founded in 1978), it offers Radiology, Pathology, Cardiology, and Neurology services under one roof, serving Panels, Referrals, and Preventive care segments.

IPO Size and Structure

The IPO is a Book Built Issue worth ₹69.46 Crores, comprising:

• Fresh Issue: 39.20 lakh shares worth ₹55.66 Cr

• Offer for Sale (OFS): 9.72 lakh shares worth ₹13.80 Cr

Subscription Period: 8 Aug 2025 to 12 Aug 2025
Tentative Allotment Date: 13 Aug 2025
Tentative Listing Date (BSE SME): 18 Aug 2025

Price Band: ₹135 to ₹142 per share
Lot Size: 1,000 shares
Minimum Investment (Retail): 2 lots (2,000 shares) = ₹2,84,000
Market Capitalisation (at ₹142): ₹247.36 Cr

Lead Managers and Registrar

• Book Running Lead Manager: Share India Capital Services Pvt Ltd

• Registrar: KFin Technologies Ltd

• Market Maker: Share India Securities Ltd

GMP & Listing Expectations

As of 5 August 2025, the Grey Market Premium (GMP) stands at ₹18 (~12.67% listing gain expectation).
Expected Listing Price: ₹160
⚠️ Note: GMP is based on unofficial market sentiment and may not reflect the actual listing price.

Live Subscription Status (Day 2 - 11 Aug 2025, 11:00 AM)

• Overall Subscription: 0.11x
  (Investors can check real-time subscription data on BSE’s website.)

Anchor Investors

On 7 Aug 2025, Star Imaging raised ₹18.51 Cr from anchor investors at ₹142 per share, allocating 13,04,000 shares.

Financial Performance

Revenue from Operations:

• FY25: ₹8,378.74 Lakh

• FY24: ₹7,997.42 Lakh

• FY23: ₹5,868.18 Lakh

EBITDA:

• FY25: ₹2,888.88 Lakh

• FY24: ₹2,364.67 Lakh

• FY23: ₹597.07 Lakh

PAT (Profit After Tax):

• FY25: ₹1,595.54 Lakh

• FY24: ₹1,245.38 Lakh

• FY23: ₹58.29 Lakh

Key Ratios (FY24)

• Pre-Issue EPS: ₹11.8

• Post-Issue EPS: ₹9.16

• Pre-Issue P/E: 12.03x

• Post-Issue P/E: 15.50x

• ROCE: 29.92%

• ROE: 41.00%

• RoNW: 40.65%

These indicate strong profitability but also suggest that the IPO is fully priced.

Objectives of the IPO

The net proceeds will be used for:

1. ₹25 Cr – Working Capital Requirements

2. ₹15 Cr – Debt Repayment / Prepayment

3. ₹5.14 Cr – Purchase of Refurbished Medical Equipment

4. General Corporate Expenses

5. Issue Expenses

Management

• Pawan Gupta – 21 years of experience in financial strategy & market analysis.

• Chhaya Gupta – 7.5 years of expertise in HR & operations.

Investor Recommendation

Given the steady financial growth, brand leadership in Delhi NCR, and positive GMP trend, this IPO may appeal to risk-tolerant investors looking for short-term listing gains.

Disclaimer
This article is for educational and informational purposes only and does not constitute financial advice. Investment decisions should be based on individual risk tolerance and consultation with SEBI-registered advisors. Market conditions are volatile and subject to change. Neither the author nor the platform is responsible for losses arising from use of this information.

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