Star Imaging IPO: Price, GMP, Analysis, And Details

Star Imaging IPO- Company Analysis 

Star Imaging IPO under the SME IPO category is a bookbuilding issue of Rs. 69.47 Cr by Star Imaging and Path Ltd, which was incorporated in 2004, and is a medical organization that offers diagnostic services for a variety of medical examinations.

The firm offers imaging services such as MRIs, CTs, ultrasounds, and X-rays, alongside laboratory testing which includes blood and urine testing and other specialist diagnostics.

The firm has qualified staff and advanced equipment for imaging and laboratory testing. This enables imaging and medical professionals to receive and provide patients with quick and precise results. The imaging branches assist in coordinating and providing the necessary information in a timely manner.

The firm also offers services to both individuals and healthcare facilities, and has a strong presence in multiple regions.

 

Services:

Radiology: 4D and 5D ultrasounds, CT scans, digital X-rays, and mammograms.

Pathology: Histopathology, PCR, and other branches including Microbiology and Haematology.

Diagnosis: Regular and Special Examinations

Star Imaging IPO Details

The Star Imaging IPO date is on 08 August 2025, and its initial public offering will end on 12 Aug with IPO allotment on Aug 13, and refund initiation on Aug 14, 2025.

The Rs. 69.47 crore new SME IPO comprises a fresh issue of 39.20 lac shares (Rs. 55.66 Cr and an offer for sale (OFS) of 9.72 lac shares (Rs. 13.80 Cr).

The Star Imaging IPO listing date (expected) might be on Monday, Aug 18, 2025, and listing at the BSE and SME. 

The Star Imaging IPO price band is Rs. 135 to Rs. 142.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Aug 08, 2025
IPO Closing Date	Aug 12, 2025
IPO Allotment Date	Aug 13, 2025
Refund Initiation	Aug 14, 2025
IPO Listing Date	Aug 18, 2025

 

Click to open demat account and apply for the IPO.

 

 

Company Financials

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	98.16	81.64	61.23
Total Revenue	83.79	79.97	58.68
PAT	15.96	12.45	0.58
Net Worth	47.15	31.35	18.93
Reserves & Surplus	33.65	29.85	17.43
Borrowings	32.73	30.64	26.56

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(596.08)	1824.60	646.80
Net Cash Flow Investing Activities	(396.80)	(686.57)	(856.64)
Net Cash Flow Financing Activities	(37.31)	188.72	(469.70)

 

Revenue Bifurcation

City-wise Revenue Breakdown

 

Industry-wise Revenue Breakdown

(Amount in lac)

 

Service-wise Revenue Breakdown

(Source: RHP)

 

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• To fulfill the need for working capital, ~ Rs. 25 Cr.

• Paying back or prepaying some of the company's borrowed funds ~ Rs. 12 Cr.

• Financing the capital expenditure for the acquisition of refurbished medical equipment in operational facilities.

• General corporate purposes.
  
  

Listed Peers of Star Imaging Ltd.

No information in the RHP is mentioned related to its peers' EPS, P/E, etc.

 

Valuation

Metric	Value
ROE	40.65%
ROCE	29.92%
RoNW	40.65%
PAT Margin	19.10%
Price to Book Value	4.07
EBITDA Margin	34.22%

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2024 with an EPS of Rs. 11.79 from the last year, the resulting P/E ratio is 12.04x (taking the upper price).

Explore the ANB Metal Cast IPO.

 

IPO's Strengths

• Multi-segment, diversified business model (B2C, B2G, B2B).

• Cost-optimized operations support high operating margins.

• PPP contracts that have been established guarantee a consistent flow of patients.

• Sophisticated diagnostic facilities and NABL certification.

 

 

IPO’s Weaknesses

• The retail business is restricted to Delhi NCR due to its geographic concentration.

• PPP receivables that are delayed are putting strain on working capital.

• The obsolescence of imaging equipment technology.

• PPP renewals are impacted by policy or regulatory changes.

• Competition from big diagnostic chains is getting more intense.

 

Star Imaging IPO GMP (Grey Market Premium)

Star Imaging IPO GMP today is Rs. 0 as of 07 Aug 2025 at the time of writing this information. Hence, the Star Imaging IPO listing price (estimated) might be Rs. 142 (upper price + current GMP or grey market premium).

Star Imaging IPO Summary

The Star Imaging & Path Lab IPO has a market maker portion size of 4,80,000 Shares (Rs. 6.82 Cr).

IPO Opening & Closing Date	08 Aug, 2025 to 12 Aug, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 135 to Rs. 142 per Share.
Lot Size	1000 Shares
Issue Size	4892000 Shares (Rs. 69.47 Cr)
Offer for Sale	9,72,000 Shares (Rs. 13.80 Cr)
Fresh Issue	34,40,000 Shares (Rs. 48.85 Cr)
Listing at	BSE, SME
Issue Type	Bookbuilding Issue
Registrar	Kfin Technologies Limited

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (2000 Shares) for Rs. 2,84,000 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (3000 Shares) for Rs. 4,26,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

IPO Reservation (% of Net Issue)

Institutional’s Portion	50%
Retail’s Portion	35%
Non-Institutional Portion	15%

 

Star Imaging IPO Allotment Status

To check the Star Imaging IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website - Kfintech IPO allotment status

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Star Imaging Ltd.

• Mr. Pawan Gupta

• Ms. Chhaya Gupta 

Pre-Issue Promoter Shareholding	100%
Post-Issue Promoter Shareholding	71.92%

 

IPO Lead Managers

• Share India Capital Services Private Limited.

 

 

Dividend Policy

The company has not paid any dividends during the last five years.

 

Conclusion

Strong margins and a tech-enabled business strategy support the exciting prospect presented by Star Imaging IPO in the diagnostic and pathology industry. Its activities that are NABL-certified and its multi-channel revenue are noteworthy. However, there are possible concerns associated with PPP reliance and restricted regional presence. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.