SRL Diagnostics IPO opens on Friday

SRL Diagnostics IPO opens on Friday

The offering is solely an offer for sale by current shareholders, including International Finance Corporation, NYLIM Jacob Ballas India Fund III and Resurgence PE Investments.

The book running lead managers in the IPO are ICICI Securities, Axis Capital, and Citigroup Global Markets India Private.

The offer for sale also includes up to 4,985,075 shares from the International Finance Corporation, up to 7,462,700 equity shares from NYLIM Jacob Ballas India Fund III, and up to 3,786,189 equity shares from Resurgence PE Investments.

SRL Diagnostics, a subsidiary of Fortis Healthcare, has become India's largest Diagnostics service provider by the number of laboratories. It also ranks second in revenue from operations for the financial year end March 31, 2023, according to the CRISIL report.

The company operates in various regions, including the Middle East, Sub-Saharan Africa, the Commonwealth of Independent States and the South Asian Association for Regional Cooperation. Agilus Diagnostics conducted approximately 39.07 million tests and served 16.62 million patients worldwide, according to the draft Red Herring Prospectus.