Star Imaging Path Lab Limited has established itself as a leading diagnostic brand in the private healthcare sector across Delhi and NCR. Originating as the high-tech arm of Janta X-Ray Clinic (established in 1978), the company is renowned for its comprehensive medical services under one roof—covering Radiology, Pathology, Cardiology, and Neurology. This integrated approach allows Star Imaging to cater to Panels, Referrals, and Preventive care, addressing all three critical segments of the healthcare value chain.

IPO Structure and Key Dates

The Star Imaging and Path Lab IPO is a Book Built Issue amounting to ₹69.46 Crores. It includes:

• Fresh Issue: 39.20 Lakh Shares worth ₹55.66 Crores

• Offer for Sale: 9.72 Lakh Shares worth ₹13.80 Crores

The IPO opens for subscription on 8 August 2025 and closes on 12 August 2025. The allotment is expected on 13 August 2025, with a tentative listing on the BSE SME scheduled for 18 August 2025.

Price Band: ₹135 – ₹142 per equity share
Market Capitalisation at upper price band: ₹247.36 Crores
Lot Size: 1,000 shares
Minimum Investment for Retail Investors: 2 lots (2,000 shares) = ₹2,84,000

Book Running Lead Manager: Share India Capital Services Private Limited
Registrar: KFin Technologies Limited
Market Maker: Share India Securities Limited

Grey Market Premium (GMP) Insights

The GMP for the Star Imaging Path Lab IPO is expected to be ₹18, translating to an estimated 12.67% listing gain potential. While GMP is an unofficial indicator and depends on demand and supply in the grey market, it reflects investor interest in the IPO.

Leadership Team

The company is led by Mr. Pawan Gupta, with 21 years of expertise in financial strategy and market analysis, and Ms. Chhaya Gupta, with 7.5 years of experience in human resource and operational management. Their combined leadership has helped maintain sustainable growth and robust operations.

Financial Performance Snapshot

The company has shown consistent revenue and profit growth over the past three fiscal years:

• 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

• Profit After Tax (PAT):

  • FY25: ₹1,595.54 Lakh

  • FY24: ₹1,245.38 Lakh

  • FY23: ₹58.29 Lakh

Valuation Metrics

• Pre-Issue EPS (FY24): ₹11.8

• Post-Issue EPS (FY24): ₹9.16

• Pre-Issue P/E Ratio: 12.03x

• Post-Issue P/E Ratio: 15.50x

• ROCE (FY24): 29.92%

• ROE (FY24): 41.00%

• RoNW: 40.65%

These figures indicate that the IPO is fully priced when compared to sector peers, but the strong return ratios and historical growth trend provide confidence for short-term listing gains.

Investment Outlook

Given the company’s robust financials, niche market position, and GMP indicating double-digit gains, the IPO may attract risk-tolerant investors looking for listing profit opportunities. Long-term investors may assess post-listing performance before committing further capital, as valuation is already on the higher side compared to the broader market average.

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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The Current active IPO are Star Imaging and Path Lab, Medistep Healthcare, ANB Metal Cast, ConnPlex Cinemas, ALL Time Plastics, JSW Cement, Sawaliya Foods Products.

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