Chandan Healthcare Ltd IPO
Status:
Overview
IPO date
10 Feb 2025 to 12 Feb 2025
Face value
₹ 10 per share
Price
₹ 151 to ₹159 per share
Issue Size
6,752,000 shares
(aggregating up to ₹ 107.36 Cr)
(aggregating up to ₹ 107.36 Cr)
Allotment Date
13 Feb 2025
Listing at
NSE
Issue type
Book Building - SME
Sector
Objectives of Chandan Healthcare Ltd IPO
Chandan Healthcare Ltd IPO Strategy
About Chandan Healthcare Ltd
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T&C*
Strengths vs Risks of Chandan Healthcare Ltd
Know the pros & cons
Strengths
Strong Geographical presence in Uttarakhand.- Integrated diagnostics provider with one-stop solution offering pathology and radiology testing, and medical consultation services.
- Track record of profitability and consistent financial performance.
- Dedicated management team with significant industry experience.
Risks
- Any interruptions at its flagship diagnostic centres may affect the company ability to process diagnostic tests, which in turn may adversely affect its business, results of operations and financial condition.
- The company business and prospects may be adversely affected if its unable to maintain and grow the company brand name and brand image.
- The company is dependent on B2C and few other customers for a major part of its revenues. Further the company does not enter long-term arrangements with its customers and any failures to continue the company existing arrangements could adversely affect its business and results of operations.
- Any non-renewal or cancellation of its arrangements with the company institutional customers, including hospitals, and government agencies may adversely affect its business, results of operations and financial condition.
- The company operations are only focused on Uttar Pradesh and Uttarakhand, and any loss of business in such region could have an adverse effect on its business, results of operations and financial condition.
- The company primary source of revenue is from its pathology and radiology services and the company business may be adversely affected if these categories does not perform as well as expected.
- The company is dependent on its Group Company for a significant part of the company revenues. Further the company has not entered into any long-term arrangements with its group company i.e. Chandan Hospital Limited and any failures to deliver the commitment could adversely affect its business and results of operations.
- The company relies on domestic suppliers for the supply of medical consumables particularly suppliers from Uttar Pradesh and any delay, interruption or reduction in such supply could adversely affect its business, results of operations, financial condition and cash flows.
- The company contingent liabilities as stated in its Restated Financial Statements could affect the company financial condition.
- The company depends on third parties to provide it reagents and films, and any failures to continue to do so or recall of existing testing equipment and reagents could adversely affect its business, results of operations and financial condition.
- The company relies on its information technology systems and third-party platform for providing its diagnostic services and managing the company operations, and any disruption to such systems or networks could adversely affect its business operations, reputation and financial performance.
- Delays in the establishment of diagnostic centres could lead to termination of the agreements or cost overruns, which could have an adverse effect on its cash flows, business, results of operations and financial condition.
- Delays or inadequacies in the collection and transportation of samples to its laboratories could compromise their integrity, potentially leading to negative impacts on the company business, results of operations and financial conditions.
- Its may faces a range of operational, reputational, medical, and legal claims, regulatory actions or other liabilities arising from the provision of healthcare services. This includes potential liabilities from malpractice and medical negligence claims, which could negatively impact its business, operational outcomes, and financial health.
- Failures to introduce new tests, services and technologies or acquire advanced or enhanced equipment could negatively affect its business, results of operations and financial condition.
- Failures or malfunction of its equipment could adversely affect the company ability to conduct its operations.
- The company requires certain approvals, licenses, registrations and permits for conducting its business and the company inability to obtain, retain or renew them in a timely manner, or at all, may adversely affect its business, results of operations and financial condition.
- Its may be unable to retain or recruit trained professionals, which may adversely impact the
reputation of its brand and materially and adversely affect the company results of operations and cash flows.
- The company intend to utilize a portion of the Net Proceeds from this Offer to fund the capital expenditure requirements of the Company, which includes the purchase of certain pre-owned equipment. However, the company has not yet placed orders for these pieces of equipment.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for the purchase of equipment / machinery. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment / machinery or other materials in a timely manner, or at all, may result in time and cost overruns and its business, prospects and results of operations may be adversely affected.
- The company Current and proposed business operations are being conducted on premises owned by and leased from third parties. Its inability to continue operating from such premises, or to seek renewal or extension of such leases may adversely affect its business and results of operations.
- Any major outbreak of a health epidemic may impact its workforce which in turn might affect the company business, its financial condition, and the results of the company operations.
- There have been instances in the past where the company has not made certain regulatory filings with the RoC and there were certain instances of discrepancies in relation to certain statutory filings and corporate records of the Company.
- Its ability to attract individual patients is largely dependent on the disposable income and increasing general health awareness of India's general population, which could decline due to a variety of factors.
- The diagnostics industry is highly competitive and its inability to compete effectively may adversely
affect the company business, results of operations and financial condition.
- The company is involved in certain legal proceedings, which, if determined adversely, may affect its business and financial condition.
- There have been some instances of delays in filing of statutory and regulatory dues in the past with
the various government authorities.
- Its Promoters and Directors have interests in entities, which are in businesses similar to its and this may result in potential conflict of interest with the company.
- The company handle confidential medical information of its patients and are vulnerable to potential data breaches or unauthorised access which would adversely affect its business operations.
- The company has entered and may continue to enter into related party transactions and there can be no assurance that such transactions have been on favourable terms.
- Its Promoters have provided personal guarantee for loans availed by the company.
- Its Promoters and Promoter Group will be able to exercise significant influence and control over the company operations after the offer and may have interests that are different from those of its other shareholders.
- Its Promoters, Directors and Key Managerial Personnel may have interest in the Company, other
than reimbursement of expenses incurred, remuneration or other benefits received.
- Its inability to protect or use the company intellectual property rights or comply with intellectual property rights of others may adversely affect its business.
- Financial difficulties of patients or third-party payers may result in payment delays or require it to write off debts.
- The company has not identified any alternate source of financing the "Objects of the Offer". If the company fails to mobilize resources as per its plans, the company growth plans may be affected.
- Its success depends heavily upon the company individual Promoters, promoter group members, Directors, KMPs and SMPs for their continuing services, strategic guidance, and financial support.
- The Company has loans with a total outstanding amount of Rs. 5,192.32 Lakhs as of December 31,
2024, that may be recalled by the lenders at any time.
- The Company's management will have flexibility in utilizing the net proceeds from the Offer and the
deployment of the net proceeds from the Offer is not subject to any monitoring by any independent
agency.
- If the company is subject to any frauds, theft, or embezzlement by its employees, suppliers, or customers, it could adversely affect the company reputation, results of operations, financial condition, and cash flows.
- The requirements of being a listed company may strain its resources.
- The company insurance coverage may not adequately protect its against potential risk, and this may have a material adverse effect on the company business.
- Certain information in this Red Herring Prospectus is based on its internal classification
methodologies, which may change and which may or may not be consistent with companies operating
in its industry, and hence the company cannot assure you of the completeness or the accuracy of such data.
- Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, and capital expenditures.
- Its may not be successful in implementing the company business strategies.
- The Company will not receive any proceeds from the Offer for Sale portion, and the Promoter Selling
Shareholders, Promoter Group Selling Shareholders and Investor Selling Shareholders shall be
entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale. Its Promoter are therefore interested in the Offer in connection with the Equity Shares offered by them in the Offer for Sale.
- Objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank
or financial institution and any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior
shareholders' approval.
- The Equity Shares have never been publicly traded, and, after the offer, the equity shares may
experience price and volume fluctuations, and an active trading market for the equity shares may not develop. Further, the price of the equity shares may be volatile, and you may be unable to resell the equity shares at or above the offer price, or at all.
- There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
- The company has not independently verified certain data in this Red Herring Prospectus.
- QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares
they purchase in the Offer.
- Any future issuance of Equity Shares may dilute the shareholding of the Investor, or any sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
Chandan Healthcare Ltd Peer Comparison
Understand the company’s industry standing
Chandan Healthcare Ltd
Vijaya Diagnostic Centre Ltd
Dr Lal Pathlabs Ltd
Face Value
10
1
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
176.5901
547.8053
2226.641
EPS-Basis
8.14
11.62
46.25
EPS-Diluted
8.14
11.59
46.18
NAV Per Share
20.58
64.21
221.61
P/E-Basic EPS
---
87.75
62.34
P/E-Diluted EPS
---
---
---
RONW(%)
39.54
19.91
20.61
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).
Select company from dropdown menu.
Enter details- PAN, Application number or DP client ID
Get your allotment status
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The IPO opens on 10 Feb 2025 & closes on 12 Feb 2025.
Chandan Healthcare Limited, established on September 03, 2003, specializes in operating state-of-the-art laboratories that offer comprehensive pathological investigations. The Company run a diagnostic network in North India with pathology and radiology testing services. Their services encompass biochemistry, hematology, histopathology, microbiology, and immunology. Additionally, it provide an extensive array of radiology services, including CT scans, X-rays, and MRIs.
The Company commenced business by starting its first diagnostic centre in Indra Nagar, Lucknow in 2003. Later, it started the diagnostic centre in Dehradun in 2013. It has established a chain of Retail Pharmacies in Uttar Pradesh, Uttarakhand, and Delhi, along with wholesale distribution to our retail outlets and hospitals. Operating in Lucknow, Chandan Hospital Limited is a 300-bed tertiary care Multi-Super-specialty Hospital that has quickly gained recognition as one of the leading hospitals in the region since its opening on October 1st, 2018.
As of August 31, 2024, the Company has 1 flagship laboratory, 7 central laboratories, 26 satellite centres, more than 300 collection centres and located across India, with facilities in more than 15 cities and towns across Uttar Pradesh and more than 10 cities and towns in Uttarakhand. Out of various laboratories, 8 are National Accreditation Board for Testing and Calibration Laboratories (NABL) accredited while three of the diagnostic centres have National Accreditation Board for Hospitals & Healthcare Providers (NABH) accreditation.
Apart from these, the Company provide nearly 1,496 tests across different specialties. These test menu includes 481 routine pathology tests, covering basic biochemistry and hematology, as well as 1,015 specialized pathology tests, such as immohistopathology, and molecular pathology, and 545 radiology tests, including basic x-rays, ultrasonography (USG), computed tomography (CT), magnetic resonance imaging (MRI), and specialized CT scans. Radiology facilities have 11 CT scanners and 4 MRI machines. Committed to accuracy and reliability, the Company supports healthcare professionals and patients by delivering essential diagnostic services.
The Company launched the IPO aggregating an issuance of 67,52,000 equity shares of face value of Rs 10 each by raising Rs 106.98 Cr, comprising a fresh issue of 44,52,064 equity shares aggregating to Rs 70.41 Cr and the offer for sale of 22,96,936 equity shares aggregating to Rs 36.57 Cr in February, 2025.
Chandan Healthcare Ltd IPO will close on 12 Feb 2025.
- Strong Geographical presence in Uttarakhand.
- Integrated diagnostics provider with one-stop solution offering pathology and radiology testing, and medical consultation services.
- Track record of profitability and consistent financial performance.
- Dedicated management team with significant industry experience.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Amaranita Holdings (India) Pvt | 5843000 | 29.22 | 4088064 | 16.72 |
| 2 | Amar Singh | 2319860 | 11.6 | 2319860 | 9.49 |
| 3 | Asmita Singh | 162000 | 0.81 | 162000 | 0.66 |
| 4 | Alok Singh | 300000 | 1.5 | 300000 | 1.23 |
| 5 | Shaleen Solanki | 900000 | 4.5 | 900000 | 3.68 |
| 6 | Vijay Singh | 899400 | 4.5 | 899400 | 3.68 |
| 7 | Vinay Lamba | 1584800 | 7.92 | 1584800 | 6.48 |
| 8 | Ajai Singh | 100000 | 0.5 | 50000 | 0.2 |
| 9 | Aasti Singh | 70000 | 0.35 | 70000 | 0.29 |
| 10 | Dharmendra Singh Malik | 241500 | 1.21 | 241500 | 0.99 |
| 11 | Anant Singh | 105000 | 0.53 | 105000 | 0.43 |
| 12 | Bimla Singh | 375980 | 1.88 | 325980 | 1.33 |
| 13 | Shakun Singh | 83600 | 0.42 | 83600 | 0.35 |
| 14 | Shaivalini Singh | 23000 | 0.12 | 23000 | 0.09 |
| 15 | Nisha Lamba | 223300 | 1.12 | 223300 | 0.91 |
| 16 | Vishal Lamba | 154380 | 0.78 | 154380 | 0.63 |
| 17 | Vikas Lamba | 500000 | 2.5 | 450000 | 1.84 |
| 18 | Shital Singh Solanki | 100000 | 0.5 | 50000 | 0.2 |
- Any interruptions at its flagship diagnostic centres may affect the company ability to process diagnostic tests, which in turn may adversely affect its business, results of operations and financial condition.
- The company business and prospects may be adversely affected if its unable to maintain and grow the company brand name and brand image.
- The company is dependent on B2C and few other customers for a major part of its revenues. Further the company does not enter long-term arrangements with its customers and any failures to continue the company existing arrangements could adversely affect its business and results of operations.
- Any non-renewal or cancellation of its arrangements with the company institutional customers, including hospitals, and government agencies may adversely affect its business, results of operations and financial condition.
- The company operations are only focused on Uttar Pradesh and Uttarakhand, and any loss of business in such region could have an adverse effect on its business, results of operations and financial condition.
- The company primary source of revenue is from its pathology and radiology services and the company business may be adversely affected if these categories does not perform as well as expected.
- The company is dependent on its Group Company for a significant part of the company revenues. Further the company has not entered into any long-term arrangements with its group company i.e. Chandan Hospital Limited and any failures to deliver the commitment could adversely affect its business and results of operations.
- The company relies on domestic suppliers for the supply of medical consumables particularly suppliers from Uttar Pradesh and any delay, interruption or reduction in such supply could adversely affect its business, results of operations, financial condition and cash flows.
- The company contingent liabilities as stated in its Restated Financial Statements could affect the company financial condition.
- The company depends on third parties to provide it reagents and films, and any failures to continue to do so or recall of existing testing equipment and reagents could adversely affect its business, results of operations and financial condition.
- The company relies on its information technology systems and third-party platform for providing its diagnostic services and managing the company operations, and any disruption to such systems or networks could adversely affect its business operations, reputation and financial performance.
- Delays in the establishment of diagnostic centres could lead to termination of the agreements or cost overruns, which could have an adverse effect on its cash flows, business, results of operations and financial condition.
- Delays or inadequacies in the collection and transportation of samples to its laboratories could compromise their integrity, potentially leading to negative impacts on the company business, results of operations and financial conditions.
- Its may faces a range of operational, reputational, medical, and legal claims, regulatory actions or other liabilities arising from the provision of healthcare services. This includes potential liabilities from malpractice and medical negligence claims, which could negatively impact its business, operational outcomes, and financial health.
- Failures to introduce new tests, services and technologies or acquire advanced or enhanced equipment could negatively affect its business, results of operations and financial condition.
- Failures or malfunction of its equipment could adversely affect the company ability to conduct its operations.
- The company requires certain approvals, licenses, registrations and permits for conducting its business and the company inability to obtain, retain or renew them in a timely manner, or at all, may adversely affect its business, results of operations and financial condition.
- Its may be unable to retain or recruit trained professionals, which may adversely impact the reputation of its brand and materially and adversely affect the company results of operations and cash flows.
- The company intend to utilize a portion of the Net Proceeds from this Offer to fund the capital expenditure requirements of the Company, which includes the purchase of certain pre-owned equipment. However, the company has not yet placed orders for these pieces of equipment.
- The company has not yet placed orders in relation to the capital expenditure to be incurred for the purchase of equipment / machinery. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the equipment / machinery or other materials in a timely manner, or at all, may result in time and cost overruns and its business, prospects and results of operations may be adversely affected.
- The company Current and proposed business operations are being conducted on premises owned by and leased from third parties. Its inability to continue operating from such premises, or to seek renewal or extension of such leases may adversely affect its business and results of operations.
- Any major outbreak of a health epidemic may impact its workforce which in turn might affect the company business, its financial condition, and the results of the company operations.
- There have been instances in the past where the company has not made certain regulatory filings with the RoC and there were certain instances of discrepancies in relation to certain statutory filings and corporate records of the Company.
- Its ability to attract individual patients is largely dependent on the disposable income and increasing general health awareness of India's general population, which could decline due to a variety of factors.
- The diagnostics industry is highly competitive and its inability to compete effectively may adversely affect the company business, results of operations and financial condition.
- The company is involved in certain legal proceedings, which, if determined adversely, may affect its business and financial condition.
- There have been some instances of delays in filing of statutory and regulatory dues in the past with the various government authorities.
- Its Promoters and Directors have interests in entities, which are in businesses similar to its and this may result in potential conflict of interest with the company.
- The company handle confidential medical information of its patients and are vulnerable to potential data breaches or unauthorised access which would adversely affect its business operations.
- The company has entered and may continue to enter into related party transactions and there can be no assurance that such transactions have been on favourable terms.
- Its Promoters have provided personal guarantee for loans availed by the company.
- Its Promoters and Promoter Group will be able to exercise significant influence and control over the company operations after the offer and may have interests that are different from those of its other shareholders.
- Its Promoters, Directors and Key Managerial Personnel may have interest in the Company, other than reimbursement of expenses incurred, remuneration or other benefits received.
- Its inability to protect or use the company intellectual property rights or comply with intellectual property rights of others may adversely affect its business.
- Financial difficulties of patients or third-party payers may result in payment delays or require it to write off debts.
- The company has not identified any alternate source of financing the "Objects of the Offer". If the company fails to mobilize resources as per its plans, the company growth plans may be affected.
- Its success depends heavily upon the company individual Promoters, promoter group members, Directors, KMPs and SMPs for their continuing services, strategic guidance, and financial support.
- The Company has loans with a total outstanding amount of Rs. 5,192.32 Lakhs as of December 31, 2024, that may be recalled by the lenders at any time.
- The Company's management will have flexibility in utilizing the net proceeds from the Offer and the deployment of the net proceeds from the Offer is not subject to any monitoring by any independent agency.
- If the company is subject to any frauds, theft, or embezzlement by its employees, suppliers, or customers, it could adversely affect the company reputation, results of operations, financial condition, and cash flows.
- The requirements of being a listed company may strain its resources.
- The company insurance coverage may not adequately protect its against potential risk, and this may have a material adverse effect on the company business.
- Certain information in this Red Herring Prospectus is based on its internal classification methodologies, which may change and which may or may not be consistent with companies operating in its industry, and hence the company cannot assure you of the completeness or the accuracy of such data.
- Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements, and capital expenditures.
- Its may not be successful in implementing the company business strategies.
- The Company will not receive any proceeds from the Offer for Sale portion, and the Promoter Selling Shareholders, Promoter Group Selling Shareholders and Investor Selling Shareholders shall be entitled to the Offer Proceeds to the extent of the Equity Shares offered by them in the Offer for Sale. Its Promoter are therefore interested in the Offer in connection with the Equity Shares offered by them in the Offer for Sale.
- Objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institution and any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.
- The Equity Shares have never been publicly traded, and, after the offer, the equity shares may experience price and volume fluctuations, and an active trading market for the equity shares may not develop. Further, the price of the equity shares may be volatile, and you may be unable to resell the equity shares at or above the offer price, or at all.
- There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.
- The company has not independently verified certain data in this Red Herring Prospectus.
- QIB and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid.
- Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they purchase in the Offer.
- Any future issuance of Equity Shares may dilute the shareholding of the Investor, or any sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
The Issue type of Chandan Healthcare Ltd is Book Building - SME.
The minimum application for shares of Chandan Healthcare Ltd is 800.
The total shares issue of Chandan Healthcare Ltd is 6752000.
Initial public offering of 67,52,000 equity shares of face value of Rs. 10 each ("Equity Shares") of Chandan Healthcare Limited ("Company" or the "Issuer") for cash at a price of Rs. 159 per equity share (including a share premium of Rs. 149 per equity share) ("Offer Price") aggregating
Rs. 106.99 crores comprising a fresh issue of 44,52,064 equity shares aggregating Rs. 70.42 crores by the company ("Fresh Issue") and an offer for sale of 22,99,936 equity shares aggregating Rs. 36.57 crores (the "Offered Shares") comprising of 17,54,936 equity shares by Amaranita Holdings (India) Private Limited, 1,10,000 equity shares by Jagjeet Singh Kalsi, 1,00,000 equity shares by Deepak Kumar Sirohi, 50,000 equity shares by Ajai Singh, 50,000 equity shares by Bimla Singh, 50,000 equity shares by Vikas Lamba, 50,000 equity shares by Anchal Sirohi, 50,000 equity shares by Hari Shanker Dixit, 50,000 equity shares by Shital Singh Solanki, 25,000 equity shares by Vikalp Dixit and 10,000 equity shares by Brahm Prakash aggregating
Rs. 36.57 crores (the "Selling Shareholders" and such offer, the
"Offer for Sale") (the "Offer for Sale" and together with the fresh issue, the "Offer") of which 3,39,200 equity shares aggregating to Rs. 5.39 crores will be reserved for subscription by market maker to the offer (the "Market Maker Reservation Portion"). The offer includes a reservation of 2,45,600 equity shares, aggregating Rs. 3.54 crores, for subscription by eligible employees (as defined herein) not exceeding 1.00% of its post-offer paid-up equity share capital ("Employee Reservation Portion"). The offer, less employee reservation and market maker reservation, i.e. net offer 61,67,200 equity shares of face value of Rs. 10 each at price of Rs. 159 per equity share aggregating to Rs. 98.06 crores is herein after referred to as the "Net Offer". The company and the selling shareholders may, in consultation with the book running lead manager, offer a discount of Rs. 15 of the offer price to eligible employees bidding in the employee reservation portion ("Employee Discount"). The offer and the net offer will constitute 27.61% and 25.22% respectively of the fully-diluted post-offer paid-up equity share capital of the company.
The face value of equity shares is Rs. 10 each. The offer price is 15.90 times the face value of the equity shares.