Overview of Star Imaging Path Lab Limited
Star Imaging Path Lab Limited, conceptualised as the advanced diagnostics wing of Janta X-Ray Clinic, has built a strong reputation across Delhi and NCR. With over three decades of experience in the healthcare sector, the company has established itself as a reliable private diagnostic brand. Unlike many diagnostic centres that specialise in one field, Star Imaging offers Radiology, Pathology, Cardiology, and Neurology under one roof.

The lab serves various customer segments including Panels, Referrals, and Preventive Care, covering all verticals of the healthcare value chain. This comprehensive offering allows the company to remain relevant across B2B and B2C healthcare services.

IPO Structure and Key Dates
The IPO will be a Book Built Issue of ₹69.46 Crores, including:

• A Fresh Issue of 39.20 lakh shares worth ₹55.66 Crores

• An Offer for Sale (OFS) of 9.72 lakh shares worth ₹13.80 Crores

The IPO will open on August 08, 2025, and close on August 12, 2025.
Allotment date is August 13, 2025, and listing is tentatively set for August 18, 2025 on the BSE SME platform.

IPO Price Band and Lot Size
The share price band is fixed between ₹135 to ₹142.

• Market Capitalisation at the upper price band of ₹142 will be ₹247.36 Crores.

• Lot size is 1,000 shares. Retail investors must invest in at least 2 lots (2,000 shares), translating to a minimum investment of ₹2,84,000.

Lead Managers and Other Stakeholders

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

• Registrar: KFin Technologies Ltd

• Market Maker: Share India Securities Ltd

Grey Market Premium (GMP) Status
As of 05 August 2025, the GMP stands at ₹18, indicating an expected listing price of ₹160, which is a 12.67% premium over the upper price band. While GMP reflects sentiment, it is not a guaranteed indicator of listing performance.

Investors are advised to use GMP data only for reference. It is not a SEBI-regulated metric, and price discovery truly happens only after official listing.

Anchor Investor Participation
Star Imaging raised ₹18.51 Cr from Anchor Investors by allotting 13,04,000 equity shares at ₹142/share. Anchor investments often show early institutional confidence, giving IPOs a more stable start.

Company Financials and Performance
Star Imaging Path Lab has reported a consistent growth trajectory in both revenue and profits:

This data shows over 170% profit growth in FY24, and a healthy 28% jump in PAT from FY24 to FY25.

Key Valuation Metrics
Here’s how the company's valuation shapes up for FY24:

• Pre-Issue EPS: ₹11.80

• 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 numbers reflect a strong return on capital and equity, although the IPO is considered fully priced. Post-issue dilution reduces the EPS but the fundamentals remain strong.

Management Team
The company is led by Mr. Pawan Gupta, who brings 21 years of experience in financial strategy and market analysis. His leadership is focused on data-driven decisions and strategic partnerships.

Ms. Chhaya Gupta, with 7.5 years of experience, handles HR and operations, adding depth to the organisation’s internal management.

Use of IPO Proceeds
The net proceeds will be utilised as follows:

1. ₹25 Crores for Working Capital Requirements

2. ₹15 Crores for Debt Repayment/Prepayment

3. ₹5.14 Crores for Refurbished Medical Equipment Purchase

4. General Corporate Purposes

5. IPO Expenses

This shows the company is planning to reduce financial leverage, enhance its equipment infrastructure, and meet growing operational demands.

Should You Subscribe?
The company has shown:

• Strong financial performance

• Good institutional backing via Anchor Investors

• A realistic GMP with moderate listing gains forecast

• An IPO priced within industry valuation norms

However, since the IPO is fully priced, and listing gain potential is moderate (~12.67%), the recommendation would be:

✅ For Risk-Tolerant Investors Only: Apply for short-term listing gains. Conservative investors may wait for post-listing stability before entering.

How to Check Allotment Status
To check the allotment on August 13, 2025:

1. Visit the Registrar’s website (KFintech)

2. Select Star Imaging and Path Lab Limited IPO from dropdown

3. Enter Application Number / PAN / DP Client ID

4. Submit to view allotment status

Conclusion
Star Imaging and Path Lab Limited’s IPO is backed by strong financials, a strategic growth plan, and strong promoter experience. If listing momentum sustains, it could offer decent short-term gains, but investors should approach with moderate expectations. Always review risk tolerance and seek SEBI-registered advisor guidance before subscribing.

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.

The Upcoming IPOs in this week and coming weeks are Regaal Resources, Mahendra Realtors and Infrastructure, Bluestone Jewellery and Lifestyle, Icodex Publishing Solutions, Star Imaging and Path Lab, Medistep Healthcare, ANB Metal Cast.

The Current active IPO are ConnPlex Cinemas, ALL Time Plastics, JSW Cement, Sawaliya Foods Products, Highway Infrastructure.

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