SRL Diagnostics IPO: SRL Diagnostics, a subsidiary of Fortis Healthcare, is preparing to launch an IPO. For this, Diagnostics has started talks with investment bankers. SRL plans to launch an IPO of Rs 2,000 crore, but nothing has been finalized about it, according to sources.
Talking about Fortis, it was bought by Malaysia's IHH Healthcare in 2018. IHH Healthcare holds 31.17 per cent stake in Fortis Healthcare. The remaining 68.83 per cent is public shareholding. It is listed in the market. Whereas SRL Diagnostics is the only lab which has a pan-India presence but is second only to Dr Lal Pathlabs in terms of revenue.
Details about SRL Diagnostics IPO
Fortis subsidiary SRL Diagnostics plans to bring an IPO of Rs 2,000 crore. According to sources, this issue can be mainly of Offer for Sale (OFS) ie its existing investors now want to get return on their capital. The promoter group holds 57.68 per cent stake in SRL Diagnostics. At the same time, private equity firms like NY Jacob Ballas and IFC, the development finance unit of the World Bank, have a 31.52 percent stake in it.
Diagnostic segment is currently not in a good position in the market
Talking about the listed stocks of the diagnostic segment in the domestic market, the situation is not very good. Dr Lal Path has lost 16.5 per cent and Metropolis Healthcare has lost 19 per cent in the last three months. Thyrocare has fallen 26.7 per cent during this period. Talking about last year 2022, Dr Lal lost 40.86 percent, Metropolis 61.42 percent and Thyrocare 44.14 percent.
Details about SRL Diagnostics
SRL's business was affected by the falling cases of Corona, but non-covid revenue increased by 7 percent year-on-year in the December 2022 quarter. In the December 2022 quarter, its revenue increased from Rs 388.5 crore to Rs 331.5 crore on an annual basis.
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According to the lab's website, it has a presence in 34 states and union territories across the country. It has more than 400 labs, more than 2500 patient service centers and more than 5000 institutional touch points. It also has presence outside the country in Dubai, Afghanistan and Nepal. It provides pathology and imaging services.