Sakhiya Skin Clinic Files DRHP For BSE-SME IPO, Seeks 50.1L Fresh Issue, 11.6L OFS

In order to acquire funds through an initial public offering (IPO), Sakhiya Skin Clinic Ltd. has submitted a Draft Red Herring Prospectus (DRHP) to the BSE's SME platform. An offer for sale (OFS) of up to 0.12 crore equity shares and a fresh issue of up to 0.50 crore equity shares make up Sakhiya Skin Clinic Ltd.'s book-build issue of 0.62 crore equity shares. The equity shares are proposed to be listed on the BSE SME platform.

The DRHP specifies a maximum offer size of 61,72,000 equity shares, which includes an offer for sale (OFS) of up to 11,62,000 equity shares and a fresh issuance of up to 50,10,000 equity shares. In accordance with the OFS, selling shareholder and promoter Jagdishkumar Jadavbhai Sakhiya aims to sell up to 8,82,653 equity shares, and selling shareholder and promoter Rupalben Jagdishbhai Sakhiya proposes to sell up to 2,79,347 equity shares.

Rs 42.57 crore of the proceeds from the new issuance will be used to build more clinics around India, Rs 9.65 crore will be invested in its subsidiary, Dr. Sakhiya's Advanced Skin Science LLP, and Rs 3.2 crore will be used to pay off debt.

GYR Capital Advisors Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.

According to SEBI guidelines, shares have been reserved for a variety of investor groups in the Sakhiya Skin Clinic IPO to ensure broad participation. Up to 50% of the net offer is allocated for Qualified Institutional Buyers (QIBs), providing ample room for institutional participation. Individual investors have a great chance to subscribe because at least 35% of the net offer is set aside for retail investors. Non-Institutional Investors (NIIs), who are high-net-worth individuals and other non-institutional investors, are also given at least 15% of the net offer.

As per chittorgarh.com, Sakhiya Skin Clinic Ltd. has showcased consistent financial growth over the past three years, highlighting its strong fundamentals ahead of its IPO. The company's total income rose to Rs 53.22 crore in FY25 from Rs 43.82 crore in FY24 and Rs 34.08 crore in FY23, marking a healthy upward trajectory. With progressively rising margins, profit after tax (PAT) increased 43% from Rs 7.65 crore in FY24 to Rs 10.92 crore in FY25. In FY25, the clinic achieved a strong EBITDA of Rs 18.85 crore, up from Rs 13.96 crore in FY24.

Financial strength is also demonstrated by key performance measures, such as ROCE at 37.59%, RoNW at 30.01%, a robust PAT margin of 20.62%, and an outstanding EBITDA margin of 35.41% with a low debt-to-equity ratio of 0.11.

With its network of 35 clinics spread across 24 cities, mostly in Gujarat and Maharashtra, Sakhiya Skin Clinic, an Indian dermatology-focused healthcare services provider, has treated over 5,40,000 patients with skin, laser, anti-aging, hair, dermato-surgery, and plastic surgery procedures. The clinic saw over 1,48,192 patients throughout the fiscal year, including 30,991 newcomers.