Star Imaging & Path Lab Limited IPO

Star Imaging & Path Lab Limited IPO is of ₹69.47 crores, consisting of 39.20 lakh fresh equity shares of ₹55.66 crores and 9.72 lakh offer-for-sale shares worth ₹13.80 crores. The IPO is to be subscribed publicly between 8th August 2025 to 12th August 2025. Retail investors can apply for a minimum lot size of 2,000 shares, which will be of ₹2,70,000 and HNIs can apply for 3,000 shares worth ₹4,26,000. Allotment of the issue will be completed on 13th August, 2025 and the shares are likely to be listed on 18th August 2025 on the NSE SME platform.

Company Background

The company was conceptualized as the high-tech arm of the Janta X-Ray Clinic, which was founded way back in 1978. Initially, Star Imaging only provided X-ray and basic pathology services, but it has now evolved to providing a comprehensive range of services from radiology to cardiology and neurology all under one roof. Their labs utilize advanced technologies like MRI, Cone Beam CT and more to enable quality testing.

Operations & Product Range

Facility and Services

Star Imaging has a strong focus on providing world-class, cost-efficient diagnostics that cater to patients’ comfort. In order to provide support during the early stages of disease detection and preventive measures, the company provides services through its facilities equipped with advanced technologies like CT scan and Echocardiography. They provide various services like 24/7 radiology services, ICU, digital mammography, digital OPG, auto-analyzer for biochemistry and many more.

Brand and Market Presence

Star Imaging and Path Lab has a well-established presence in Delhi, renowned for its advanced functions like Open Bore MRI and a 32-slice CT scanner. With over 35 years of operations, the company provides diagnostics services to more than 1 million patients annually and has established reputable NABL-accredited laboratories. The company’s digital platform enables convenience in sample collection from home as well as in accessing reports online.

Revenue Channels

The company earns most of its revenue from three major sources -

1. 1. Pathology and Radiology Services - This segment constitutes approximately 35% of the company’s revenue by facilitating walk-in patients and sample collection from home.
2. 2. Public-Private Partnerships - In FY25, this segment made up about 57% of the company’s revenue due to the company’s long-term partnerships with government hospitals in Delhi and providing services like MRI, CT Scan, radiology and more.
3. 3. Private Hospital Tie-Ups - Star Imaging has strategically partnered with over 40 private hospitals based in Delhi, which help in the expansion of the company’s brand presence and constitute about 6.29% of its revenue.

Management & Shareholding

Promoters and Shareholders

The promoters of Star Imaging & Path Lab IPO are Mr. Pawan Gupta and Ms. Chhaya Gupta, who currently have a 100% stake in the company. The promoter shareholding is expected to be diluted after its IPO listing on 8th August.

Board Members

The board includes various members with managerial expertise of over 35 years in the company, such as Mr. Pawan Gupta who is the Chairman as well as the Managing Director of the company, Dr. Sameer Sood who is Non-executive director in Star Imaging, Ms. Chhaya Gupta and Ms. Neelam Ratra who are the executive directors in the company and Dr. Vimal Gupta, Dr. Yogesh K Virmani & Mr. Dikshant Nagpal who are the Independent directors of the company.