Vijaya Diagnostic
Mainboard₹1,894 Cr issue
+2.13%
Listing gain over issue price
Issue size
₹1,894 Cr
1 lot at cut-off
₹14,868
Lot size
28shares
Open
01 Sep 2021
Close
03 Sep 2021
Allotment
08 Sep 2021
Listing
14 Sep 2021
Listing performance
Issue price
₹531
Listed at
₹542.30
Listing-day close
₹620.10
Latest price
₹1,389.40
Close on 23 Oct 2026
Listing gain
+2.13%
Return since issue
+161.66%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 01 Sep 2021 – 03 Sep 2021
- Listing date
- 14 Sep 2021
- Face value
- ₹1 per share
- Issue price
- ₹531 per share
- Lot size
- 28 shares
- Total issue size
- ₹1,894 Cr
- Market cap at offer price
- ₹5,414 Cr
- Promoter holding
- 59.78% → 54.78% pre-issue → post-issue
- ISIN
- INE043W01024
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Edelweiss Financial Services Ltd.
- Registered office
- 3-6-16 & 17, Street No.19, Himayatnagar, Hyderabad, Telangana
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 | 1,06,61,418 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 28 shares per lot, in multiples, at ₹531
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 28 | ₹14,868 |
| Retail (max) | 13 | 364 | ₹1,93,284 |
| S-HNI (min) | 14 | 392 | ₹2,08,152 |
| S-HNI (max) | 67 | 1,876 | ₹9,96,156 |
| B-HNI (min) | 68 | 1,904 | ₹10,11,024 |
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
1,06,61,418
Anchor portion
₹566 Cr
at ₹531 per share
Valuation and performance
Valuation at offer price
₹531 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹5,414 Cr |
About Vijaya Diagnostic
Vijaya Diagnostic Centre Limited is an integrated diagnostics provider offering a comprehensive one-stop solution including pathology, radiology, nuclear medicine, imaging, gastroenterology, cardiology, and neurology services. The company operates a hub-and-spoke model with dominant market presence in Andhra Pradesh and Telangana, delivering quality diagnostic services with strong brand recall and high individual consumer business share. The company is preparing for an IPO through an offer for sale by existing shareholders.
Company Analysis
from RHPVijaya Diagnostic Centre Limited is India's largest and fastest-growing diagnostic chain providing integrated pathology, radiology, and specialized diagnostic services across south India.
Vijaya Diagnostic Centre Limited is an integrated diagnostics provider offering a comprehensive one-stop solution including pathology, radiology, nuclear medicine, imaging, gastroenterology, cardiology, and neurology services. The company operates a hub-and-spoke model with dominant market presence in Andhra Pradesh and Telangana, delivering quality diagnostic services with strong brand recall and high individual consumer business share. The company is preparing for an IPO through an offer for sale by existing shareholders.
Objects of the Issue
- This is an Offer for Sale by Selling Shareholders; our Company will not receive any proceeds from the Offer. The objects of the Offer are to (i) carry out the Offer for Sale of up to 35,688,064 Equity Shares by the Selling Shareholders; and (ii) achieve the benefits of listing the Equity Shares on the Stock Exchanges. p.72
- —
Issue Structure
- Total Issue
- Up to 35,688,064 Equity Shares, aggregating up to ₹[●] million
- Fresh Issue
- Nil - This is an Offer for Sale only
- Offer for Sale
- Up to 35,688,064 Equity Shares aggregating up to ₹[●] million
- Price Band
- [●] to [●]
- Face Value
- ₹1 each
Business Model
Integrated diagnostic services provider operating through a hub-and-spoke model offering pathology and radiology testing services under one roof. Revenue earned through diagnostic testing services provided to individual consumers, B2B partnerships with hospitals and healthcare providers, and corporate wellness programs.
Business Segments
Examination and laboratory analysis of body fluids (blood, urine, etc) or organs and tissues to diagnose diseases
Usage of imaging technologies such as X-rays, radiography, ultrasound, CT scans, MRI scans to diagnose diseases, including basic radiology (ECG, X-ray, sonography) and advanced radiology (CT, MRI, SPECT, PET CT, multi-slice CT, CBCT, DEXA, bone densitometry, mammography)
Nuclear medicine, imaging, gastroenterology, cardiology, and neurology services as part of the comprehensive diagnostic offering
Laboratory diagnostic tests and pathological investigations
Basic and high-end radiology services
Nuclear medicine diagnostic services
Provides integrated pathology and radiology testing services through diagnostic centres and reference laboratories
providing diagnostic services such as health check-up and laboratory services to individual and institutional customers, income from franchise and sale of scrap
SWOT Analysis
Strengths
- • Largest and fastest growing diagnostic chain with dominant position in south India(p.74)
- • Integrated diagnostics provider offering comprehensive one-stop services(p.74)
- • High brand recall and strong individual consumer business(p.74)
- • Strong technical capabilities and state-of-the-art infrastructure(p.74)
- • Largest integrated diagnostic chain in southern India with dominant regional position(p.113)
- • Integrated one-stop diagnostic solution offering both pathology and radiology under one roof(p.115)
- • Superior brand recognition and high individual consumer business share with strong customer stickiness(p.114)
- • Hub-and-spoke model delivering strong economies of scale and margin performance(p.115)
- • Higher tests per patient and revenue per customer versus peers(p.109)
- • High OPBDIT margin ranking second among major diagnostic players(p.116)
- • Strong regional presence and understanding of local customer preferences and physician networks(p.108)
- • Advanced technology infrastructure and early adoption of cutting-edge diagnostic equipment(p.116)
- • Single diagnostic services segment with India-only operations providing operational focus(p.237)
- • Strong revenue growth of 136% in Q1 FY2022 driven by test volume increases and COVID RT-PCR demand(p.239)
- • Significant profitability improvement with profit for Q1 FY2022 at ₹333.25 million vs ₹18.10 million in Q1 FY2021(p.239)
- • Strong cash generation from operations at ₹1,296.43 million in FY2021 and ₹509.45 million in Q1 FY2022(p.242)
- • Minimal debt with only ₹11.92 million in borrowings as of June 30, 2021(p.243)
- • Consistent profitability growth with net profit increasing 35.84% from FY2020 (₹625.07 million) to FY2021 (₹849.11 million)(p.240)
- • Substantial bank balances and liquidity with ₹2,147.90 million in bank balances as of June 30, 2021(p.245)
- • Expansion strategy underway with new diagnostic centres opening and land purchase of ₹350 million for Hyderabad centre(p.246)
Weaknesses
- • Dependence on domestic and regional economic conditions(p.38)
- • Asset concentration in India exposed to regional risks(p.38)
- • Exposure to regulatory changes across multiple states(p.39)
- • High geographic concentration with 95.91% of revenue from Telangana and Andhra Pradesh(p.113)
- • Dependence on third-party equipment vendors and reagent rental arrangements with minimum purchase requirements(p.127)
- • Negative working capital position indicating potential operational strain(p.116)
- • Radiation safety and compliance burden requiring specialized personnel and ongoing monitoring(p.130)
- • Complex regulatory compliance requirements across multiple jurisdictions where company operates(p.129)
- • One subsidiary (MDSL) has history of equipment loan defaults and payment delays(p.135)
- • Heavy dependence on lease arrangements from promoter and related parties for diagnostic centre operations(p.157)
- • Significant lease payment obligations to promoter group with escalation clauses creating operating cost pressure(p.157)
- • Group company PHSPL has history of statutory dues arrears and irregular compliance(p.160)
- • Litigation involving subsidiary (MDSL) over property evictions and rent disputes with accumulated arrears of ₹3.94 million(p.248)
- • CEO Sura Suprita Reddy convicted of negligence-related criminal offences with imprisonment and fines imposed(p.251)
- • Pending criminal litigation against company and employee with negligence allegations regarding patient treatment(p.247)
- • Direct tax litigation involving company with claims of ₹2.26 million and indirect tax litigation of ₹1.77 million(p.250)
- • Subsidiary MDSL under investigation by Ministry of Corporate Affairs for alleged Companies Act compliance violations(p.249)
- • Contingent liability of ₹0.56 million pending for Provident Fund demand from 1998-2001(p.245)
- • Enquiry by Directorate of Enforcement under Foreign Exchange Management Act with documents and information submitted(p.248)
Opportunities
- • High growth trajectory in Indian diagnostics industry(p.89)
- • Strong growth in south India diagnostics market(p.92)
- • Industry shift from standalone centres to diagnostic chains(p.95)
- • Growing preventive and wellness diagnostics segment(p.96)
- • Rising per capita income and health awareness(p.85)
- • Growth in lifestyle-related diseases and non-communicable diseases(p.89)
- • Indian diagnostics market projected to grow at 12-13% CAGR reaching ₹920-980 billion by FY2023(p.114)
- • Telangana and Andhra Pradesh diagnostics market projected to grow to ₹120-130 billion by FY2023(p.114)
- • Aging population with increasing chronic disease burden driving diagnostic test demand(p.98)
- • Rising household incomes increasing affordability of quality diagnostic services(p.99)
- • Increasing health insurance coverage expanding market reach and hospitalisation rates(p.100)
- • Consolidation opportunity in fragmented diagnostics industry with shift towards organized providers(p.118)
- • Expansion in East India, particularly Kolkata with established hub infrastructure(p.118)
- • Opportunity to grow preventive and wellness services and develop specialty diagnostic capabilities(p.117)
- • Expansion strategy targeting key cities with plan to open new diagnostic centres in next 12 months(p.244)
- • Business benefited from COVID-19 driven increase in RT-PCR test volumes(p.239)
- • Marginal seasonal business pattern during monsoon (dengue/malaria) creates predictable demand opportunities(p.245)
- • Established empanelment under Central Government Health Scheme providing institutional customer access(p.253)
Threats
- • Economic slowdown or recession in India(p.38)
- • Health pandemics and natural disasters(p.38)
- • Rising interest rates and credit constraints(p.38)
- • Downgrade of India's sovereign debt rating(p.40)
- • Political instability and changes in government policy(p.38)
- • Intense competition and fragmentation in diagnostic industry(p.95)
- • Intense competition and aggressive pricing in highly fragmented diagnostic market(p.114)
- • Industry faces shortage of skilled manpower including pathologists and lab technicians(p.102)
- • Rising costs of technology upgradation and equipment maintenance burdens profitability(p.102)
- • Regulatory changes and compliance requirements increasing operational complexity and costs(p.129)
- • Entry of multi-regional diagnostic chains into company's core southern markets(p.114)
- • External macroeconomic factors like inflation, FX volatility and input price volatility(p.102)
- • Geographical concentration vulnerability exposed to regional demand-supply dynamics(p.102)
- • Group company PHSPL has history of unpaid statutory dues creating compliance risk exposure(p.160)
- • Dependence on lease arrangements with significant lease liabilities of ₹2,481.39 million and exposure to rent escalation(p.244)
- • Interest rate risk from variable rate short-term borrowings affecting finance costs(p.245)
- • Competitive diagnostic services market requiring ongoing investment to maintain competitiveness(p.246)
- • Regulations and approvals pending for several diagnostic centres in Telangana and Andhra Pradesh(p.254)
- • Exposure to credit risk from customer receivables and loans requiring active management(p.245)
- • Trademark objections from Registrar of Trademarks with seven trademarks objected and partial approval for corporate logo(p.254)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. S. Surendranath Reddy | Promoter | 37.78% | — |
| Karakoram Limited | Promoter Group | 38.56% | — |
| Sura Suprita Reddy | Promoter Group | 9.00% | — |
| Sunil Chandra Kondapally | Promoter Group | 8.93% | — |
| S. Geeta Reddy | Promoter Group | 3.98% | — |
| Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1 | Promoter Group | 1.44% | — |
| Dr. S. Surendranath Reddy | Promoter | 37.78% | — |
| Dr. S Surendranath Reddy | Promoter | 37.97% | — |
| M/s. Karakoram Limited | Promoter Group | 38.56% | — |
| K Sunil Chandra | Promoter Group | 9.00% | — |
| S Suprita Reddy | Promoter Group | 9.00% | — |
| S Geetha Reddy | Promoter Group | 4.00% | — |
| B Vishnu Priya Reddy | Promoter Group | 0.03% | — |
| Dr. S. Surendranath Reddy | Promoter | — | — |
| Karakoram Limited | Promoter Group | — | — |
| Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1 | Promoter Group | — | — |
| Dr. Sura Surendranath Reddy | Promoter Selling Shareholder | — | — |
| Karakoram Limited | Investor Selling Shareholder | — | — |
| Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1 | Investor Selling Shareholder | — | — |
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.
Vijaya Diagnostic IPO FAQs
What is the lot size of Vijaya Diagnostic IPO?
The minimum lot size of Vijaya Diagnostic IPO is 28 shares. One lot costs ₹14,868 at the cut-off price.
When does Vijaya Diagnostic IPO open and close?
Vijaya Diagnostic IPO opened for subscription on 01 Sep 2021 and closed on 03 Sep 2021.
What is the listing date of Vijaya Diagnostic IPO?
Vijaya Diagnostic IPO listed on 14 Sep 2021.