Star Imaging And Path Lab Limited IPO

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Star Imaging and Path Lab Limited, originally established as a proprietorship in 1978 under the name Janta X-Ray Clinic, was formally incorporated as a private limited company on May 31, 2004, and later converted into a public limited company on September 17, 2024. With a strong legacy in diagnostic healthcare, the company offers integrated pathology, radiology, cardiology, and neurology services across Delhi, Uttar Pradesh, and Nashik.

Comprehensive Diagnostic Services

A. Radiology Services

The company provides a broad range of radiological diagnostics using state-of-the-art technology:

i) Digital X-ray (Allengers 525R SR, AGFA CR 85-X)
ii) Mammography (Fujifilm AMULET with tomosynthesis)
iii) CT Scans & CT Angiography (GE Optima CT660)
iv) 4D/5D Ultrasound & USG-Guided Procedures (Samsung 5D V6)
v) BMD (Bone Mineral Density) (GE DEXA)
vi) OPG (Cone Beam Dental Imaging)

B. Pathology Services

Equipped with advanced systems for precise and timely diagnosis across Haematology, Microbiology, Histopathology, Cytopathology, Immunology, Biochemistry and PCR-based Molecular Testing.

C. Cardiac & Neurology Services

It offers advanced cardiac and neurology diagnostics, including ECG, Stress TMT, Echocardiography, and Holter Monitoring for heart assessments. Neurological tests include EEG, NCV, EMG, BERA, and VEP, along with Sleep Study, PFT, Fibroscan, and Uroflowmetry, enabling complete evaluation of heart, brain, lungs, liver, and urinary health.

Diagnostic Models and Network Reach

Star Imaging and Path Lab Limited operates through a multi-model service delivery structure, ensuring wide accessibility:

i) B2C (Business to Consumer): Direct services to individuals through a network of diagnostic centres across Delhi.
ii) B2B (Business to Business): Provides services to empanelled private hospitals in Delhi under MoUs at discounted rates.
iii) B2G (Business to Government): Partnerships with government health departments under Public-Private Partnership (PPP) models to operate radiology and pathology units in Delhi, Uttar Pradesh, and Nashik.

Government Collaborations (PPP Model)

Star Imaging actively collaborates with government agencies in Delhi, Uttar Pradesh, and Nashik to provide and maintain CT scanners and associated facilities. The company provides both skilled and unskilled labour, ensures continuous uptime of equipment, and facilitates quality diagnostic services to public healthcare institutions.

Objects of the Star Imaging And Path Lab Limited IPO:

Company intends to utilize the Net Fresh Issue for the following Objects: 1. Working Capital Requirement (₹25 crore) 2. Repayment/prepayment of certain borrowings (₹12 crore) 3. Capital Expenditure towards purchase of Refurbished Medical Equipment (5.14 crore) 4. General Corporate Expenses
DRHP of Star Imaging And Path Lab Limited IPO
RHP of Star Imaging And Path Lab Limited IPO

Star Imaging And Path Lab Limited IPO Details:

Open Date: Aug 08 2025
Close Date: Aug 12 2025
Total Shares: 48,92,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 69.47 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 135-142 Per Equity Share
Listing At: BSE SME

Promoters And Management:

1. Mr. Pawan Gupta, Chairman and Managing Director of Star Imaging and Path Lab Limited, aged 51 years, has run family diagnostic business established by his father, Mr. Ram Avtar Gupta. Through the addition of modern technology, financial management, and understanding of market dynamic he has improved service and expanded the operations of their radiology and pathology center. He has done Bachelor in Commerce from Dr. Bhimrao Ambedkar University in year 2000. 2. Ms. Chhaya Gupta, Director of Star Imaging and Path Lab Limited, aged 39 years looks into the Human Resource and operational activities of the Company. She has done Master of Business Administration in International Business Management from Mewar University in 2014. She is having an experience of 7.5 years for managing the Administration department. 3. Ms. Neelam Ratra, aged 45 years, is the Executive Director of Star Imaging and Path Lab Limited. She holds a Master’s degree in Business Administration with a specialization in Hospital Administration and Healthcare Management from the Delhi Institute of Management Studies, obtained in 2014. She has over 5+ years of experience in the healthcare sector and was previously associated with Ayushman Hospital and Healthcare Services. She has been serving as the General Manager of the Issuer Company since July 01, 2024 and further designated as Executive Director.

Financials of Star Imaging And Path Lab Limited IPO:

Particulars FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 83.50 78.78 58.53
EBITDA 28.57 22.45 5.82
EBITDA Margins 34.22% 28.50% 9.95%
PAT 15.95 12.45 0.58
PAT Margins 19.10% 15.80% 0.99%
ROCE 29.92% 29.69% 5.77%
Debt to Equity Ratio(In Times) 0.69 0.98 1.4
Operating Cash Flows -6.02 18.33 5.27

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Star Imaging and Path Lab Limited 83.50 34.22% 19.10% 29.92% 0.69 247.36 15.51
Vijaya Diagnostic Centre Ltd 681 40% 21.11% 21.70% 0.4 10,864 72
Chandan Healthcare Ltd 230 18% 21.45% 28.10% 0.39 611 27.6
Metropolis Healthcare Ltd 1331 23% 10.96% 15% 0.15 10342 73.9

Lead Manager of Star Imaging And Path Lab Limited IPO:

  1. Share India Capital Services Private Limited

Registrar of Star Imaging And Path Lab Limited IPO:

  1. Kfin Technology Private Limited

Discussion on Star Imaging And Path Lab Limited IPO:

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