Krsnaa Diagnostics IPo will open for subscription on Wednesday. The company has fixed a price band of Rs 933-954 a share for its little over Rs 1,213 crore initial share-sale. The three-day initial public offer (IPO) will conclude on August 6.
The IPO comprises fresh issue of equity shares worth Rs 400 crore and an offer for sale (OFS) of up to 8,525,520 equity stocks by its existing shareholders. As a part of the OFS, Phi Capital will sell 16 lakh equity shares, Kitara will offload 33,40,713 equity shares, Somerset Indus Healthcare Fund I Ltd will offer 35,63,427 equity shares and Lotus Management Solutions will sell 21,380 equity shares.
The company said investors can bid for a minimum of 15 equity shares and in multiples of 15 thereafter. At the upper end of the price band, the IPO is expected to mobilise Rs 1,213.3 crore.
Earlier on Tuesday, Krsnaa Diagnostics said that it has collected Rs 537 crore from anchor investors. The company has decided to allocate 56,28,937 equity shares to 44 anchor investors at Rs 954 apiece, aggregating to Rs 537 crore. Avendus, HSBC Global, Nomura, HDFC Life Insurance Company, Max Life Insurance Company, Reliance General Insurance Company, Elara India Opportunities Fund, Tata Mutual Fund (MF), ICICI Prudential MF, SBI MF and Kotak MF are among the anchor investors.
Proceeds from the fresh issue will be used for financing the cost of establishing diagnostics centers at Punjab, Karnataka, Himachal Pradesh, and Maharashtra; repayment of loans availed by the company and general corporate purposes.
JM Financial Ltd, DAM Capital Advisors Ltd, Enquires Capital Pvt, and IIFL Securities are merchant bankers to the issue.
Krsnaa Diagnostics provide a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges and community health centres pan-India. The company focuses on the public private partnership (PPP) diagnostics segment, and has the largest presence in the diagnostic PPP segment.
As of June 2021, the company operated 1,823 diagnostic centres offering both radiology and pathology services in 13 states across the country.
The equity shares will be listed on NSE and BSE on August 17.
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