August 7, 2025
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What is the latest news of Star Imaging IPO?
The company will enter the market on 8 August 2025.
About Star Imaging
Star Imaging and Path Lab Limited, incorporated in 2004, is a healthcare company offering a comprehensive range of diagnostic and imaging services. The company specializes in radiology services (digital X‑rays, CT scans, MRIs, 4D & 5D ultrasounds, mammography) and pathology testing (haematology, microbiology, PCR, histopathology, and routine as well as specialized diagnostics). Backed by advanced technology and a skilled medical team, Star Imaging ensures accurate and timely reports, supporting healthcare providers in effective diagnosis and treatment. With a strong presence across multiple regions and a growing clientele from both individuals and healthcare institutions, the company employed 209 full‑time staff, including executive directors, as of September 30, 2024.
Star Imaging IPO Details
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Sector: Healthcare Services |
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| IPO opens on | 8 August 2025 |
| IPO closes on | 12 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 39,20,000 Shares / Rs 55.66 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 480000 Shares |
| Net offer to Public | 34,40,000 Shares Rs. 48.85 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 135-142 |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1000 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| QIB | Not more than 50% of the Net Offer |
| Retail | Not less than 35% of the Net Offer |
| NII | Not less than 15% of the Net Offer |
How shares can be applied?
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | 2,84,000 |
| Retail (Max) | 2 | 2,000 | 2,84,000 |
| S-HNI (Min) | 3 | 3,000 | 4,26,000 |
| S-HNI (Max) | 7 | 7,000 | 9,94,000 |
| B-HNI (Min) | 8 | 8,000 | 11,36,000 |
Who are the Promoters of Star Imaging IPO?
The promoter hold 100% of the pre-IPO capital
What are the Objects of Star Imaging IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+To Meet Working Capital Requirement Rs. 25 Cr.
+Repayment/prepayment of certain borrowings availed of by the Company Rs. 12.99 Cr.
+Funding the Capital Expenditure towards purchase of Refurbished Medical Equipment in running facilities Rs. 5.14 Cr.
+General Corporate purposes
Star Imaging IPO Timetable
Tentative timetable |
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| IPO opens on | 8 August 2025 |
| IPO Closes on | 12 August 2025 |
| IPO Allotment on | 13 August 2025 |
| Refund Initiation | 14 August 2025 |
| Credit of Shares | 14 August 2025 |
| Listing on | 18 August 2025 |
| Registered Office of the Company Star Imaging & Path Lab Ltd. 4B/4, Tilak Nagar, Near Sant Pura, Tilak Nagar West Delhi, New Delhi, New Delhi, 110018 |
| Lead Managers of this IPO Share India Capital Services Pvt ltd |
| Who is the Registrar to the IPO? Kfin Technologies ltd |
Star Imaging Financials Snapshot
| Period Ended | 30-Sep-24 | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
| Assets | 82.64 | 81.64 | 61.23 | 58.34 |
| Total Income | 42.67 | 79.97 | 58.68 | 69.27 |
| Profit After Tax | 6.21 | 12.45 | 0.58 | 6.29 |
| Net Worth | 37.56 | 31.35 | 18.93 | 18.36 |
| Reserves and Surplus | 36.06 | 29.85 | 17.43 | 16.86 |
| Total Borrowing | 29.29 | 30.64 | 26.56 | 29.56 |
| Amount in Rs. Crore | ||||
Performance Indicators
| KPI | Values |
| ROE | 18.03% |
| ROCE | 14.13% |
| Debt/Equity | 0.98 |
| RoNW | 39.72% |
| PAT Margin | 15.81% |
| Price to Book Value | 0.68 |
How Star Imaging IPO compares with the Peers?
There is no other listed company having the business, similar to that of this company.
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Chanakya’s IPO Review – Star Imaging by Paresh Gordhandas, CA & Research Analyst
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Book‑building issue of Rs. 55.66 crore (fresh issue of 39.2 lakh shares) with a promoter sell‑off of 9.72 lakh shares; listed on BSE SME. Subscription opens August 8, closes August 12, allotment expected August 13, listing around August 18, 2025.
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Price band: Rs. 135–142 per share.
📈 Financial Snapshot (Annualised FY25)
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Revenue: Rs. 85.18 crore
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PAT: Rs. 12.42 crore (PAT margin ~14.6%)
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EBITDA: Rs. 23.42 crore (Margin: ~27.5%)
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ROE: ~16.5% | ROCE: ~14.1% | Debt-to‑Equity: ~0.98×
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Market cap at IPO: Rs. 247.36 crore; P/E ≈ 19.9×; EV/EBITDA ≈ 11.6×; P/B ≈ 2.65×
✅ Why Investors May Apply
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Consistent Profitability & ROI
PAT margin of ~14.6%, ROE of ~16.5%, and EBITDA margin of ~27.5% suggest operational efficiency and solid capital returns. -
Asset-Light & Growth Capable
Low leverage (~1× debt-equity), moderate net worth (~Rs. 37.6 crore) and ability to scale through working capital and equipment upgrades. -
Strong Revenue Base
Annual revenue of ~Rs. 85 crore from 23 diagnostics centres (4 owned + 19 under PPP).
⚠️ Risks to Consider
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SME Listing Limitations
Post‑listing liquidity may be limited, valuations may be more volatile. -
Modest Scale & Regional Focus
Business remains regional (Delhi mainly) with small scale—growth depends on scaling centres and operational consistency. -
Valuation Not Cheap
At ~20× P/E and ~2.6× P/B, pricing appears fair but not deeply discounted.
🏁 Final Take — Chanakya Insight
Star Imaging’s IPO offers a profitable, well-rated diagnostic chain at reasonable valuations—providing investors an opportunity in healthcare infrastructure with healthy margins and solid return ratios. With ample operational efficiency, clear use of IPO funds, and decent financial metrics, it may appeal to those seeking stable SME bets in diagnostics. However, apply only if you are comfortable with SME-level liquidity risk and regional concentration.
Quicklinks
Star Imaging IPO GMP
Star Imaging IPO review
Star Imaging provides diagnostic and imaging services including X‑rays, ultrasounds, CT scans, MRIs, and laboratory tests like haematology, microbiology, PCR, and histopathology.
The IPO opens on August 8, 2025, and closes on August 12, 2025.
The price band is Rs. 135 to Rs. 142 per share. The lot size is 1,000 shares.
Retail investors must apply for at least 2 lots (2,000 shares), requiring an investment of Rs. 2,70,000.
The company has shown consistent profitability, with strong PAT and EBITDA margins, and operates in the growing healthcare diagnostics sector. However, being an SME IPO, investors should be mindful of liquidity and regional concentration risks.
