Clinitech Laboratory
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Jul 2024 – 29 Jul 2024
- Listing date
- 01 Aug 2024
- Face value
- ₹10 per share
- Issue price
- ₹96 per share
- Lot size
- 1,200 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹5.78 Cr
- Market cap at offer price
- ₹21.91 Cr
- Promoter holding
- 83.65% → 61.57% pre-issue → post-issue
- ISIN
- INE0QMR01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Inventure Merchant Banker Services Pvt.Ltd.
- Registered office
- AL-1/545, Sector 16, Airoli, Opposite Radhikabai Meghe Vidyalaya, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 31,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹96
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,15,200 |
| S-HNI (min) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (min) | 9 | 10,800 | ₹10,36,800 |
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.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.21 | 1.63 |
| P/E (×) | 43.44 | 58.90 |
| Price to book (×) | 4.55 | — |
| Market cap | — | ₹21.91 Cr |
Key performance indicators
- Return on net worth
- 10.46%
- Debt / equity
- 0.24
- PAT margin
- 5.76%
- NAV per share
- ₹21.12
- Price to book
- 4.55
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Clinitech Laboratory
Clinitech Laboratory Limited was incorporated on March 19, 2010, as a private limited company and converted to a public limited company on August 25, 2023. The company operates diagnostic centers in Thane and Navi Mumbai, offering comprehensive diagnostic and healthcare testing services. With 30+ years of promoter experience in the diagnostic business, the company conducts over 3 lakh tests annually through its NABL-accredited laboratories equipped with modern technology and high-end equipment. The company's service offerings span seven major test categories: biochemistry, immunology, hematology, molecular biology, serology, microbiology, and histopathology tests. Walk-in customers contributed 79.67%, 68.84%, and 66.07% of revenue from operations for FY 2024, 2023, and 2022 respectively, while B2B customers provide supplementary revenue. The company generates revenue through its chain of diagnostic centers providing diagnostic tests to individual patients and institutions.
Company Analysis
from RHPClinitech Laboratory Limited is a diagnostic and healthcare testing services provider operating a chain of 8 NABL-accredited diagnostic centers conducting over 3 lakh tests annually across pathology, biochemistry, immunology, hematology, molecular biology, serology, microbiology, and histopathology segments in Thane and Navi Mumbai.
Clinitech Laboratory Limited was incorporated on March 19, 2010, as a private limited company and converted to a public limited company on August 25, 2023. The company operates diagnostic centers in Thane and Navi Mumbai, offering comprehensive diagnostic and healthcare testing services. With 30+ years of promoter experience in the diagnostic business, the company conducts over 3 lakh tests annually through its NABL-accredited laboratories equipped with modern technology and high-end equipment. The company's service offerings span seven major test categories: biochemistry, immunology, hematology, molecular biology, serology, microbiology, and histopathology tests. Walk-in customers contributed 79.67%, 68.84%, and 66.07% of revenue from operations for FY 2024, 2023, and 2022 respectively, while B2B customers provide supplementary revenue. The company generates revenue through its chain of diagnostic centers providing diagnostic tests to individual patients and institutions.
Objects of the Issue
- Expansion of Diagnostic Business ₹498.67 lakhs p.17
- General Corporate Purposes ₹41.33 lakhs p.17
- Expansion of Diagnostic Centres ₹498.67 lakhs p.62
- General Corporate Purposes ₹41.33 lakhs p.65
- Funding capex for new diagnostic centers and equipment p.147
- General corporate purposes p.17
Issue Structure
- Total Issue
- ₹578.30 lakhs
- Fresh Issue
- 6,02,400 Equity Shares at ₹96 per share aggregating ₹578.30 lakhs
- Offer for Sale
- N.A.
- Price Band
- ₹96 per Equity Share (fixed price offer)
- Face Value
- ₹10 per Equity Share
Business Model
Clinitech Laboratory Limited operates a diagnostic center chain business model, generating revenue from diagnostic testing services. The company derives revenues from two primary customer segments: walk-in individual patients (contributing 79.67% of FY 2024 revenue) and B2B customers including hospitals and diagnostic laboratories. The company operates 8 diagnostic centers offering over 150 types of tests across various categories. Revenue for FY 2024 was ₹643.92 lakhs with a profit after tax of ₹37.12 lakhs.
Business Segments
SWOT Analysis
- • Experienced promoters with 30+ years in diagnostic business(p.16)
- • NABL-accredited labs conducting 3+ lakh tests annually(p.16)
- • Diverse test portfolio across 7 diagnostic categories(p.16)
- • Established network of 8 diagnostic centres in high-demand region(p.16)
- • NABL accreditation for diagnostic facilities(p.88)
- • Chain of 8 diagnostic centers in strategic locations (Thane, Raigad, Navi Mumbai)(p.88)
- • 30+ years of promoter experience in diagnostic business(p.87)
- • Strong long-standing customer relationships built over three decades(p.89)
- • Experienced management team with diverse expertise(p.88)
- • Over 150 different types of diagnostic tests offered(p.87)
- • Experienced founding promoters with 30+ years in diagnostic healthcare(p.115)
- • NABL accreditation demonstrates quality and competence standards(p.161)
- • Improved current ratio indicating strengthened working capital position(p.132)
- • Low leverage ratio showing financial stability(p.165)
- • Strong debt service coverage ratio demonstrating repayment capacity(p.132)
- • Sustained revenue growth with new diagnostic center expansion(p.150)
- • 100% geographic concentration in Thane and Navi Mumbai creates vulnerability(p.23)
- • High supplier concentration with top 10 vendors representing 81-93% of purchases(p.24)
- • Dependence on related-party loans; 33.10% of loans outstanding from promoters(p.22)
- • No long-term contracts with customers; vulnerable to walk-in customer fluctuations(p.25)
- • Negative cash flow from investing activities; capital-intensive expansion(p.23)
- • Dependence on skilled personnel in competitive labour market(p.24)
- • Premises held on lease; no ownership of diagnostic centres(p.22)
- • Recallable unsecured loans from directors of ₹28.57 lakhs(p.34)
- • High dependence on B2B revenue concentration with customer transitions(p.87)
- • Declining EBITDA margins and profitability(p.87)
- • Declining net profit despite stable revenue(p.87)
- • Limited geographic presence concentrated in Thane and Navi Mumbai region(p.87)
- • Patient count decline and test utilization challenges(p.87)
- • High dependence on top 10 suppliers for majority of inputs(p.155)
- • Declining profitability with PAT margin compression(p.149)
- • Declining EBITDA and declining EBITDA margin(p.150)
- • No formal supply agreements with vendors for uninterrupted supply(p.147)
- • Rapid increase in employee benefit expenses consuming margins(p.150)
- • Large fragmented diagnostic market with room for consolidation(p.16)
- • Strong projected industry CAGR of ~10% over next 5 years(p.16)
- • Growth drivers: rising lifestyles diseases, preventive testing, deeper market penetration(p.16)
- • Organized players projected to grow at 15-17% CAGR; market share gains from unorganized sector(p.16)
- • Expansion potential in Thane, Navi Mumbai and Raigad district(p.23)
- • Rising health awareness and shift to organized diagnostic chains(p.16)
- • Expansion of 15 new diagnostic centers in high-growth Navi Mumbai-Panvel corridor(p.62)
- • Diagnostic industry growing at 10% CAGR with organized player consolidation(p.79)
- • Shift from unorganized to organized diagnostic players accelerated by COVID-19(p.82)
- • Strategic acquisition and inorganic growth opportunities in fragmented market(p.89)
- • Increasing health insurance coverage and diagnostic test reimbursement trends(p.85)
- • Growing focus on preventive and wellness diagnostic services(p.83)
- • Expansion of diagnostic centers and geographic reach(p.147)
- • Growing B2C business segment generating revenue growth(p.150)
- • Increased health awareness post-COVID creating market tailwinds(p.152)
- • Technology modernization to remain competitive(p.147)
- • New test addition (Haematology and Serology) expanding service portfolio(p.150)
- • Intense competition from larger well-established diagnostic chains(p.24)
- • Pricing pressure and margin compression from competition(p.24)
- • Regulatory risks: price controls and CGHS empanelment restrictions(p.30)
- • Technological disruption: point-of-care and home-testing alternatives(p.31)
- • Regional economic vulnerability and political risks in Western India(p.23)
- • Macroeconomic downturn could reduce discretionary healthcare spending(p.30)
- • Supply chain disruption risk for equipment and reagents(p.30)
- • Foreign exchange risk on imported medical equipment and reagents(p.30)
- • Pandemic/natural disaster risks affecting operations and revenue(p.35)
- • Highly fragmented diagnostic industry with intense pricing competition(p.82)
- • Low entry barriers attracting numerous new market entrants(p.82)
- • Competition from larger pan-India diagnostic chains with greater resources(p.91)
- • Vulnerability to rapid technological changes requiring continuous equipment upgrades(p.82)
- • Regulatory compliance requirements including CERR Act and PCPNDT Act(p.95)
- • Challenges in entering new geographies due to local player competition(p.82)
- • Dependence on third-party suppliers with no supply contracts(p.147)
- • Regulatory and policy changes affecting operations(p.147)
- • Macroeconomic conditions affecting healthcare demand(p.146)
- • Rapid technological changes in healthcare industry(p.147)
- • Pandemic-related business disruption risk(p.146)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Jagdish Umakant Nayak | Promoter | 40.15% | 29.61% |
| Jyoti Jagdish Nayak | Promoter | 40.18% | 29.59% |
| Ashutosh Jagdish Nayak | Promoter | 0.006% | 0.004% |
| Jagdish Umakant Nayak | Promoter | 40.15% | 29.55% |
| Jyoti Jagdish Nayak | Promoter | 40.18% | 29.57% |
| Ashutosh Jagdish Nayak | Promoter | 0.006% | 0.004% |
| Ananya Jagdish Nayak | Promoter Group | 0.006% | 0.004% |
| Anant Umakant Nayak | Promoter Group | 0.006% | 0.004% |
| Eshwari Anant Nayak | Promoter Group | 0.006% | 0.004% |
| Siddhesh Anant Nayak | Promoter Group | 3.30% | 2.43% |
| Jagdish Umakant Nayak | Promoter | 40.15% | — |
| Jyoti Jagdish Nayak | Promoter | 40.18% | — |
| Ashutosh Jagdish Nayak | Promoter | 0.01% | — |
Leadership
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.