Star Imaging Path Lab Limited, conceptualized as the high-tech wing of Janta X-Ray Clinic established in 1978, stands out as the only diagnostic brand in the private sector across Delhi and NCR with over three decades of expertise in healthcare. The company offers a comprehensive bouquet of services including Radiology, Pathology, Cardiology, and Neurology, all consolidated under one roof. This unique integrated approach allows the company to serve all three segments of the healthcare value chain: Panels, Referrals, and Preventive care, positioning it as a leader in diagnostic services in the region.

The Star Imaging and Path Lab IPO is a Book Built Issue amounting to ₹69.46 Crores. It comprises a Fresh Issue of 39.20 lakh shares worth ₹55.66 Crores and an Offer for Sale of 9.72 lakh shares totaling ₹13.80 Crores. The IPO opens for subscription on August 8, 2025, and closes on August 12, 2025. The allotment will likely be finalized on or about August 13, 2025, with the shares expected to be listed on the BSE SME around August 18, 2025.

The share price band is fixed between ₹135 and ₹142 per equity share. At the upper end of the band, the company's market capitalization is pegged at ₹247.36 Crores. The IPO lot size is set at 1,000 shares, and retail investors need to apply for a minimum of 2 lots (2,000 shares), translating to an investment of ₹2,84,000.

Star Imaging and Path Lab Limited is managed under the leadership of Promoters Mr. Pawan Gupta and Ms. Chhaya Gupta. Mr. Gupta brings over 21 years of experience in financial strategy and market analysis, fostering growth through data-driven decisions and strategic alliances. Ms. Gupta adds over 7.5 years of expertise in human resource and operational management, contributing to the company’s streamlined functioning.

The company has demonstrated steady financial growth, with revenues from operations reaching ₹8,378.74 Lakh in FY25, up from ₹7,997.42 Lakh in FY24 and ₹5,868.18 Lakh in FY23. The EBITDA also rose impressively from ₹597.07 Lakh in FY23 to ₹2,888.88 Lakh in FY25. Profit after tax surged to ₹1,595.54 Lakh in FY25 from ₹1,245.38 Lakh in FY24 and ₹58.29 Lakh in FY23, showcasing consistent profitability growth.

Key financial metrics reveal a pre-issue EPS of ₹11.8 and a post-issue EPS of ₹9.16 for FY24. The pre-issue P/E ratio stands at 12.03x, and the post-issue P/E ratio is 15.50x, indicating a fairly priced IPO relative to the healthcare sector. The company also boasts a robust Return on Capital Employed (ROCE) of 29.92% and a Return on Equity (ROE) of 41.00% for FY24, reflecting efficient use of capital and strong shareholder returns.

The IPO proceeds will be utilized primarily for meeting working capital requirements (₹25 crore), repayment or prepayment of borrowings (₹15 crore), capital expenditure towards purchasing refurbished medical equipment (₹5.14 crore), and other general corporate expenses including issue-related costs.

The Grey Market Premium (GMP) for Star Imaging and Path Lab IPO is currently at ₹18, reflecting approximately 12.67% expected listing gains based on current financial and market conditions. This positions the IPO as an attractive opportunity for investors willing to consider potential risks in the healthcare diagnostics sector.

Star Imaging and Path Lab's distinct advantage lies in its extensive experience spanning over 30 years, strong regional presence in the Delhi NCR area, and a unique one-stop diagnostic facility model combining multiple specialties. This integrated approach not only caters to diverse patient needs but also optimizes operational efficiencies and enhances customer retention.

As India’s healthcare infrastructure expands, and demand for quality diagnostics rises, Star Imaging Path Lab is well-placed to capitalize on growth opportunities across preventive, diagnostic, and referral healthcare services. Its established client base across panels and referrals further enhances revenue visibility.

Investors looking for exposure to the healthcare diagnostics space, especially in the SME segment, may find Star Imaging and Path Lab IPO worth considering, especially given the company's steady financial track record and growth prospects.

The Upcoming IPOs in this week and coming weeks are Studio LSD, Shreeji Shipping Global, Patel Retail.

The Current active IPO are Regaal Resources, Mahendra Realtors and Infrastructure, Bluestone Jewellery and Lifestyle, Icodex Publishing Solutions, Star Imaging and Path Lab, Medistep Healthcare, ANB Metal Cast.

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