Chandan Healthcare
Book Building issueSMENSE₹107 Cr issue
+3.84%
Listing gain over issue price
Issue size
₹107 Cr
1 lot at cut-off
₹1,27,200
Lot size
800shares
Open
10 Feb 2025
Close
12 Feb 2025
Allotment
13 Feb 2025
Listing
17 Feb 2025
Listing performance
Issue price
₹159
Listed at
₹165.10
Listing-day close
₹173.35
Latest price
₹218.60
Close on 23 Oct 2026
Listing gain
+3.84%
Return since issue
+37.48%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Feb 2025 – 12 Feb 2025
- Listing date
- 17 Feb 2025
- Face value
- ₹10 per share
- Issue price
- ₹159 per share
- Lot size
- 800 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹107 Cr
- Market cap at offer price
- ₹389 Cr
- Promoter holding
- 69.96% → 49.20% pre-issue → post-issue
- ISIN
- INE0B2N01016
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- Biotech Park, Sector G, Jankipuram, Kursi Road, Uttar Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 18,48,800 | — | — |
| Market maker | 3,39,200 | — | — |
Application size
Minimum 800 shares per lot, in multiples, at ₹159
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 800 | ₹1,27,200 |
| S-HNI (min) | 2 | 1,600 | ₹2,54,400 |
| S-HNI (max) | 7 | 5,600 | ₹8,90,400 |
| B-HNI (min) | 8 | 6,400 | ₹10,17,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
18,48,800
Anchor portion
₹29.40 Cr
at ₹159 per share
Valuation and performance
Valuation at offer price
₹159 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.18 | 9.50 |
| P/E (×) | 19.44 | 16.74 |
| Price to book (×) | 7.73 | — |
| Market cap | — | ₹389 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 39.54%
- ROCE
- 35.20%
- Debt / equity
- 1.02
- PAT margin
- 9.26%
- NAV per share
- ₹20.58
- Price to book
- 7.73
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Chandan Healthcare
Chandan Healthcare Limited is a diagnostic services company incorporated in 2003 and headquartered in Lucknow, Uttar Pradesh. As of December 31, 2024, the company operates one flagship laboratory, nine central laboratories, twenty-seven satellite centres, and more than three hundred collection centres across Uttar Pradesh and Uttarakhand, spanning over 23 cities and towns in Uttar Pradesh and 19 cities and towns in Uttarakhand. The company conducted approximately 55.79 lakh tests on about 17.11 lakh patients in fiscal 2025 (till December 2024), deriving about 70.04% of revenue from Uttar Pradesh operations. It provides 1,496 tests including 481 routine pathology tests, 1,015 specialized pathology tests, and 545 radiology tests. Revenue composition for the nine months ended December 31, 2024 comprised sale of products (47.00%), pathology services (34.22%), and radiology services (18.77%).
Company Analysis
from RHPChandan Healthcare Limited operates a diagnostic network across North India providing pathology and radiology testing services through laboratories, satellite centres, and collection centres.
Chandan Healthcare Limited is a diagnostic services company incorporated in 2003 and headquartered in Lucknow, Uttar Pradesh. As of December 31, 2024, the company operates one flagship laboratory, nine central laboratories, twenty-seven satellite centres, and more than three hundred collection centres across Uttar Pradesh and Uttarakhand, spanning over 23 cities and towns in Uttar Pradesh and 19 cities and towns in Uttarakhand. The company conducted approximately 55.79 lakh tests on about 17.11 lakh patients in fiscal 2025 (till December 2024), deriving about 70.04% of revenue from Uttar Pradesh operations. It provides 1,496 tests including 481 routine pathology tests, 1,015 specialized pathology tests, and 545 radiology tests. Revenue composition for the nine months ended December 31, 2024 comprised sale of products (47.00%), pathology services (34.22%), and radiology services (18.77%).
diagnostic healthcare servicespathology testingradiology servicesmedical consumables distribution
Objects of the Issue
- Setting up of a new Flagship diagnostic centre in Jankipuram, Lucknow, Uttar Pradesh ₹3,281.58 lakhs (total estimated cost; ₹3,281.58 lakhs to be financed from Net Proceeds) p.29
- Setting up of a new Central Reference laboratory at Ayodhya, Uttar Pradesh ₹710.23 lakhs (total estimated cost; ₹710.23 lakhs to be financed from Net Proceeds) p.29
- Setting up of a new Central Reference laboratory at Ashiyana, Lucknow, Uttar Pradesh ₹710.11 lakhs (total estimated cost; ₹710.11 lakhs to be financed from Net Proceeds) p.29
- General corporate purposes ₹1,672.44 lakhs (total estimated cost; ₹1,672.44 lakhs to be financed from Net Proceeds) p.30
- Setting up of a new Flagship diagnostic centre in Jankipuram, Lucknow, Uttar Pradesh ₹3,281.58 lakhs p.127
- Setting up of a new Central Reference laboratory at Ayodhya, Uttar Pradesh ₹710.23 lakhs p.127
- Setting up of a new Central Reference laboratory at Ashiyana, Lucknow, Uttar Pradesh ₹710.11 lakhs p.127
- General corporate purposes ₹1,672.44 lakhs p.127
- Funding capital expenditure requirements for setting up of a flagship diagnostic centre in Jankipuram, Lucknow, Uttar Pradesh ₹3,281.58 lakhs p.129
- Funding capital expenditure requirements for setting up of a New Central Reference Laboratory at Ayodhya, Uttar Pradesh ₹710.23 lakhs p.136
- Funding capital expenditure requirements for setting up of a New Centre at Ashiyana, Lucknow, Uttar Pradesh ₹710.11 lakhs p.141
- General corporate purposes ₹1,672.44 lakhs p.145
Issue Structure
- Total Issue
- 67,52,000 Equity Shares of face value of ₹10 each aggregating ₹10,698.84 Lakhs
- Fresh Issue
- 44,52,064 Equity Shares of face value of ₹10 each aggregating ₹7,041.94 Lakhs
- Offer for Sale
- 22,99,936 Equity Shares of face value of ₹10 each aggregating ₹3,656.90 Lakhs
- Price Band
- ₹151 per Equity Share (Floor Price) to ₹159 per Equity Share (Cap Price)
- Lot Size
- 800 Equity Shares (Bid Lot) and in multiples of 800 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
Chandan Healthcare derives revenue from three primary sources: sale of medical products and consumables (47.00% of revenue for period ended December 31, 2024), pathology services (34.22%), and radiology services (18.77%). The company operates both business-to-consumer (B2C) and business-to-business (B2B) segments, with B2C representing 37.69% of revenue and B2B representing 62.31% of revenue as of December 31, 2024. Revenue from institutional customers including Chandan Hospital Limited accounted for 29.07% of total revenue, while walk-in customers represented 37.69%.
Business Segments
Provides 481 routine pathology tests covering basic biochemistry and hematology, and 1,015 specialized pathology tests such as immunohistopathology and molecular pathology
Provides 545 radiology tests including basic x-rays, ultrasonography (USG), computed tomography (CT), magnetic resonance imaging (MRI), and specialized CT scans. Operates eleven CT scanners and four MRI machines
Sale of medical consumables including X-ray films, reagents for laboratory testing and other consumables necessary for healthcare operations, primarily through subsidiary Chandan Pharmacy Limited
Direct provision of diagnostic healthcare services to individual patients including pathology tests, radiology services, and preventive healthcare through the company's network of diagnostic centers
Provision of diagnostic services to public and private healthcare providers where the company bills third-party payers or healthcare institutions
Routine and specialized pathology tests including basic biochemistry, hematology, clinical pathology, microbiology, immunohistopathology, molecular pathology and cytology. As of December 31, 2024, the company offers 481 routine pathology tests and 1,015 specialized pathology tests.
Radiology tests including 2D Echo, Stress Echo, Cardiac assessment, ECG, TMT, CT scans for various body parts, ultrasound 3D, X-Ray Mammography, and MRI. The company has 11 CT scanners and 4 MRI machines as of December 31, 2024.
Sale of pharmaceutical products (tablets, capsules, syrups, ointments), FMCG items (thermometers, masks, gloves, air fresheners), and surgical items (gauze, syringes, needles). CPL operates 31 shops across Uttarakhand and Uttar Pradesh (23 in UP, 8 in Uttarakhand).
Trading as sellers, agents, distributors, importers, exporters of all kinds of medicines including allopathic and ayurvedic. Additionally, the company trades various hospital, diagnostic, and healthcare equipment, aids, medicines, and all related pharmaceutical products.
Operation, ownership, management, and administration of establishments equipped with diagnostic tools such as scanners, clinical pathology facilities, X-ray, ultrasound, EEG, and other electro-medical diagnostic devices. Manufactures and provides medical products and engages in medical research and development.
Running, owning, managing, and administering a diagnostic center equipped with scanning, clinical pathology, X-ray, ultrasound, EEG, and other electro-medical diagnostic tools. Additionally, operates, owns, and manages a blood bank.
The company primarily operates state-of-the-art laboratories providing comprehensive pathological investigations and radiology services. Other activities conducted by the company are ancillary to its main business.
Operates clinical establishments and diagnostic centers providing pathology, laboratory diagnostics, radiology and clinical services
Operates retail pharmaceutical outlets selling drugs and pharmaceutical products
SWOT Analysis
Strengths
- • Established diagnostic network with multiple accreditations across North India(p.28)
- • Comprehensive test menu with advanced radiology capabilities(p.28)
- • Diversified revenue streams across products and services(p.28)
- • Substantial test volumes demonstrating operational scale(p.28)
- • Established diagnostic network with significant customer growth(p.127)
- • Recent capital investment in diagnostic equipment(p.127)
- • Experienced managing directors with decades of industry expertise(p.63)
- • Strong financial performance recovery trajectory(p.76)
- • Strong geographical presence with extensive network in Uttarakhand and Uttar Pradesh(p.179)
- • Integrated diagnostics provider offering comprehensive one-stop solution with pathology, radiology and medical consultation(p.179)
- • Track record of consistent profitability and strong financial performance with year-on-year growth(p.179)
- • Experienced management team with significant industry expertise in diagnostics(p.179)
- • Strong EBITDA margins and profitability metrics improving over time(p.179)
- • Substantial expansion of operational infrastructure with NABL and NABH accreditations(p.169)
- • Extensive diagnostic network across North India with NABL and NABH accreditation(p.294)
- • Comprehensive test menu with diverse pathology and radiology services(p.294)
- • Strong B2B revenue concentration and institutional relationships(p.294)
- • Economies of scale through cluster and collection points model(p.294)
- • Revenue growth and profitability improvement(p.298)
Weaknesses
- • Heavy dependence on single flagship centre for operations(p.45)
- • Ongoing lease dispute affecting flagship location(p.46)
- • High customer concentration risk with limited contract tenure(p.47)
- • Significant revenue concentration from single institutional customer(p.49)
- • Heavy dependence on domestic suppliers concentrated in single state(p.50)
- • Lack of long-term supplier contracts exposing to procurement risks(p.50)
- • Regulatory compliance discrepancies in statutory filings(p.56)
- • Significant contingent liabilities from guarantees and legal claims(p.51)
- • Statutory compliance failures and regulatory filings errors(p.58)
- • History of delays in statutory and regulatory filings(p.60)
- • Significant outstanding litigation matters(p.59)
- • High debt obligations with personal guarantees(p.64)
- • Dependence on individual key personnel(p.63)
- • Conflict of interest through promoter group businesses(p.61)
- • Patient data security vulnerability(p.61)
- • High dependence on B2B corporate customer segment concentration(p.168)
- • Reliance on top customers with significant revenue concentration risk(p.171)
- • All operational facilities on leased premises creating dependence on lessors(p.183)
- • Significant increase in debt-to-equity ratio indicating higher financial leverage(p.170)
- • Concentrated operations in two northern states with limited geographic diversification(p.168)
- • High dependence on top customers creating revenue concentration risk(p.304)
- • Significant outstanding debt obligations(p.305)
- • Multiple pending medico-legal litigations involving company centers(p.309)
- • Concentration of operations in specific geographic regions(p.294)
- • Employee litigation and labor disputes(p.308)
Opportunities
- • Expansion into growing organized diagnostic sector in India(p.28)
- • Growing medical tourism and international patient demand(p.28)
- • Capital investment for network expansion across North India(p.29)
- • Opportunity to enhance service portfolio and geographic reach(p.55)
- • Expansion of diagnostic infrastructure in growth markets(p.122)
- • Growing healthcare access and awareness in India(p.58)
- • Increasing disposable incomes driving healthcare demand(p.58)
- • Expand market presence by strengthening position in core geographies of Uttar Pradesh and Uttarakhand(p.180)
- • Growing demand for preventive and wellness services aligned with rising health awareness(p.180)
- • Expansion of B2B segment through strategic partnerships with institutional clients(p.180)
- • Leveraging technology and digital platforms to enhance customer experience(p.180)
- • Large addressable market with strong growth in Indian diagnostics industry(p.163)
- • Government health initiatives creating demand for diagnostic services(p.163)
- • Strategic expansion of diagnostic centers and collection infrastructure(p.298)
- • Growth in preventive testing and healthcare awareness(p.298)
- • Expansion of institutional contracts and B2B segment(p.298)
- • B2G (Business-to-Government) revenue segment growth(p.294)
- • Customer base expansion(p.298)
Threats
- • Geographic concentration risk in Uttar Pradesh and Uttarakhand(p.27)
- • Regional economic downturns and political instability risks(p.49)
- • Supplier concentration exposure to state-level disruptions(p.50)
- • Regulatory license renewal and approval uncertainties(p.55)
- • Pandemic and epidemic outbreak risks(p.56)
- • Competitive pressure and technological obsolescence risk(p.55)
- • Risk of equipment malfunction and liability claims(p.55)
- • Intense competition for skilled healthcare professionals(p.56)
- • Intense competition in fragmented diagnostics industry(p.58)
- • Pricing pressure and margin compression from competitors(p.59)
- • Dependence on individual patient healthcare spending and insurance(p.58)
- • Payment delays and credit risk from government agencies(p.62)
- • Economic and regulatory risks affecting healthcare sector(p.70)
- • Global financial instability impacting Indian markets(p.70)
- • Natural disasters and geopolitical risks(p.71)
- • Intellectual property infringement risks(p.63)
- • Highly competitive diagnostic market with both organized and unorganized players(p.181)
- • Regulatory requirements and compliance risks in healthcare and diagnostic operations(p.185)
- • Dependence on third-party logistics for sample transportation and tracking(p.175)
- • Risk of changes in reimbursement rates and healthcare policy affecting revenue(p.180)
- • Exposure to critical approvals and regulations for radiation equipment operations(p.188)
- • Significant pending tax litigation(p.310)
- • Consumer protection litigation involving alleged diagnostic report errors(p.307)
- • Regulatory compliance requirements and license renewals(p.320)
- • Potential pressure on margins from increased employee compensation(p.300)
- • Guarantee obligations to related party subsidiaries(p.288)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Amaranita Holdings (India) Private Limited | Promoter | 29.22% | — |
| Amar Singh | Promoter | 11.60% | — |
| Asmita Singh | Promoter | 0.81% | — |
| Alok Singh | Promoter | 1.50% | — |
| Shaleen Solanki | Promoter | 4.50% | — |
| Vijay Singh | Promoter | 4.50% | — |
| Vinay Lamba | Promoter | 7.92% | — |
| Amar Singh | Promoter | 11.60% | 9.49% |
| Asmita Singh | Promoter | 0.81% | 0.66% |
| Amaranita Holdings (India) Private Limited | Promoter | 29.22% | 16.72% |
| Alok Singh | Promoter | 1.50% | 1.23% |
| Shaleen Solanki | Promoter | 4.50% | 3.68% |
| Vijay Singh | Promoter | 4.50% | 3.68% |
| Vinay Lamba | Promoter | 7.92% | 6.48% |
| Ajai Singh | Promoter Group | 0.50% | 0.20% |
| Bimla Singh | Promoter Group | 1.88% | 1.33% |
| Vikas Lamba | Promoter Group | 2.50% | 1.84% |
| Shital Singh Solanki | Promoter Group | 0.50% | 0.20% |
| Dr. Amar Singh | Promoter and Managing Director | — | — |
| Asmita Singh | Promoter and Managing Director | — | — |
| Amar Singh | Promoter | 11.60% | 9.49% |
| Asmita Singh | Promoter | 0.81% | 0.66% |
| Amaranita Holdings (India) Private Limited | Promoter | 29.22% | — |
| Alok Singh | Promoter | 1.50% | — |
| Shaleen Solanki | Promoter | 4.50% | — |
| Vijay Singh | Promoter | 4.50% | — |
| Vinay Lamba | Promoter | 7.92% | 6.48% |
| Chandan Diagnostic Limited | Promoter | 67.99% | — |
| Amaranita Holdings (India) Private Limited | Promoter | — | — |
| Amar Singh | Promoter Selling Shareholder | — | — |
| Ajai Singh | Promoter Group Selling Shareholder | — | — |
| Bimla Singh | Promoter Group Selling Shareholder | — | — |
| Vikas Lamba | Promoter Group Selling Shareholder | — | — |
| Shital Singh Solanki | Promoter Group Selling Shareholder | — | — |
Leadership
Amar Singh · Managing Director
Asmita Singh · Managing Director
Rajeev Nain · Chief Financial Officer and Company Secretary & Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Chandan Healthcare IPO FAQs
What is the lot size of Chandan Healthcare IPO?
The minimum lot size of Chandan Healthcare IPO is 800 shares. One lot costs ₹1,27,200 at the cut-off price.
When does Chandan Healthcare IPO open and close?
Chandan Healthcare IPO opened for subscription on 10 Feb 2025 and closed on 12 Feb 2025.
What is the listing date of Chandan Healthcare IPO?
Chandan Healthcare IPO listed on 17 Feb 2025.