Star Imaging & Path Lab Limited is set to launch its Initial Public Offering (IPO), offering investors a chance to participate in the leading healthcare diagnostics sector. The company, which is NABL-accredited, offers a comprehensive suite of diagnostic services, including radiology, pathology, and cardiology, to individuals and institutions.
This article provides key details about the Star Imaging & Path Lab IPO for prospective investors.
About Star Imaging & Path Lab Ltd.
Founded in 2004, Star Imaging & Path Lab Limited operates a diagnostic testing network with a strong regional presence in Delhi, Uttar Pradesh, and Nashik. The company provides a wide range of services, including advanced imaging solutions like X-rays, CT scans, MRIs, ultrasounds, and a full spectrum of pathology tests such as haematology, microbiology, and histopathology. The business operates across B2C (individual customers), B2B (private hospitals), and B2G (public-private partnership with government) models. Its advanced diagnostic technology and integrated service model are among its core strengths.
Star Imaging & Path Lab IPO Details
The Star Imaging & Path Lab IPO is an SME IPO and a book-building issue aiming to raise ₹69.47 crore. It consists of a fresh issue of 39.20 lakh shares (aggregating up to ₹55.66 Cr) and an Offer for Sale (OFS) of 9.72 lakh shares (aggregating up to ₹13.80 Cr). The IPO will be listed on the BSE SME platform.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Fri, Aug 8, 2025 |
| IPO Close Date | Tue, Aug 12, 2025 |
| Tentative Allotment | Wed, Aug 13, 2025 |
| Initiation of Refunds | Thu, Aug 14, 2025 |
| Credit of Shares to Demat | Thu, Aug 14, 2025 |
| Tentative Listing Date | Mon, Aug 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Aug 12, 2025 |
Key IPO Details
| Event | Details |
| IPO Date | August 8, 2025 to August 12, 2025 |
| Listing Date | – |
| Face Value | ₹10 per share |
| Issue Price Band | ₹135 to ₹142 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 48,92,000 shares (aggregating up to ₹69.47 Cr) |
| Reserved for Market Maker | 4,80,000 shares (aggregating up to ₹6.82 Cr) |
| Fresh Issue (Ex Market Maker) | 34,40,000 shares (aggregating up to ₹48.85 Cr) |
| Offer for Sale | 9,72,000 shares of ₹10 (aggregating up to ₹13.80 Cr) |
| Net Offered to Public | 44,12,000 shares (aggregating up to ₹62.65 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding (Pre-Issue) | 1,35,00,000 shares |
| Shareholding (Post-Issue) | 1,74,20,000 shares |
Lot Size of Star Imaging
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,000.00 | ₹2,84,000 |
| Individual investors (Retail) (Max) | 2 | 2,000.00 | ₹2,84,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,26,000 |
| S-HNI (Max) | 7 | 7,000.00 | ₹9,94,000 |
| B-HNI (Min) | 8 | 8,000.00 | ₹11,36,000 |
Star Imaging & Path Lab Limited Financials
The company has shown consistent and strong financial growth. The total income for FY25 was ₹83.79 crore, a notable increase from ₹79.97 crore in FY24. Profit After Tax (PAT) also saw a substantial rise, from ₹12.45 crore in FY24 to ₹15.96 crore in FY25. This growth highlights the company’s robust operational performance and effective strategy in the diagnostic sector.
Key Performance Indicators (as of March 31, 2025)
- ROE (Return on Equity): 40.65%
- ROCE (Return on Capital Employed): 29.92%
- Debt/Equity: 0.69
- PAT Margin: 19.10%
- EBITDA Margin: 34.22%
- Price to Book Value: 4.07
Company Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ Cr) | 98.16 | 81.64 | 61.23 |
| Total Income (₹ Cr) | 83.79 | 79.97 | 58.68 |
| Profit After Tax (₹ Cr) | 15.96 | 12 | 0.58 |
| EBITDA (₹ Cr) | 28.6 | 22.34 | 5.81 |
| Net Worth (₹ Cr) | 47.15 | 31.35 | 18.93 |
| Reserves and Surplus (₹ Cr) | 33.65 | 29.85 | 17.43 |
| Total Borrowing (₹ Cr) | 32.73 | 30.64 | 26.56 |
Use of IPO Proceeds
The funds raised from the fresh issue component of the IPO are intended for several key strategic purposes, primarily focused on capital expenditure and strengthening the company’s financial position.
Star Imaging IPO Peer Comparison
Star Imaging & Path Lab Limited operates in the highly competitive diagnostic services industry. Its peers include established players like Vijaya Diagnostic Centre Ltd. and Metropolis Healthcare Ltd. These companies offer a similar range of diagnostic services and serve as a benchmark for evaluating Star Imaging’s operational and financial performance. Comparing key metrics such as P/E ratio, PAT margins, and return ratios is crucial for potential investors to assess the company’s valuation and market position.
Conclusion
The Star Imaging & Path Lab IPO presents a compelling investment opportunity in India’s growing healthcare diagnostics sector. The company’s integrated diagnostic model, strong financial performance, and clear plan for using the IPO proceeds to expand and reduce debt make it an attractive prospect. Investors should carefully evaluate the company’s financials and the competitive landscape before making an investment decision.
