Nuvama Contribution:
- With Suraksha Diagnostics IPO, Nuvama continues its dominance in taking Healthcare Stories to the Indian capital markets and remains a “Banker of Choice” for Healthcare IPOs#
- Spearheaded procurement in Anchor and Main Book Segment – Largest share of the Anchor book – 53% and Largest share of the Main book – ~80% in a 3 bank syndicate across Investor categories including FIIs, Mutual Fund, DIIs and Family Offices
- Nuvama drove the demand momentum whilst setting a pricing benchmark and handholding the management to firm up key contours of the deal
- Nuvama leveraged its strong understanding of the industry by uniquely positioning Suraksha as dominant player in the fast growing East India Diagnostic market
Deal Details:
- Suraksha is the largest full-service and integrated diagnostic chain headquartered in East India@
- Despite muted subscription and market volatility over past 2 weeks and correction of ~4%*, Suraksha IPO saw a steady listing with stock price seeing day’s high of ~3% above opening price^
- IPO was subscribed across investor categories despite a challenging market environment at the time of launch
“Nuvama has played a pivotal role in the successful IPO of Suraksha Diagnostics. We genuinely appreciate the team for handholding us through the entire IPO journey right from documentation to marketing to successful listing. Their expertise and know-how of the nuances of the healthcare industry played a pivotal role in effectively positioning Suraksha with investors. Nuvama’s dedicated efforts led the procurement from marquee investors and enabled us to build a strong Anchor and QIB book. The team at Nuvama has gone above and beyond to make this a very successful IPO and we look forward to their advice as we begin our new journey as a listed company.”
– Dr. Somnath Chatterjee, Joint MD & Chairman
#Healthcare IPOs above INR 7,500 MN since April 2021; @By operating income as of FY23;
*Movement of Nifty 50 between 2 weeks high and low; ^NSE Prices are considered on listing day;