BackKrsnaa files draft papers for IPO
Krsnaa Diagnostics Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO)
PremiumMUMBAI : Krsnaa Diagnostics Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).
On 2 April, Mint was the first to report that the firm has begun preparations for a ₹1,200 crore IPO. The IPO will comprise a fresh issue of ₹400 crore and an offer for sale (OFS) of up to 9.42 million shares by its existing promoters and shareholders.
The OFS will comprise 1.6 million shares of PHI Capital Trust-PHI Capital Growth Fund-I, up to 3.34 million shares of Kitara PIIN 1104, up to 4.45 million shares of Somerset Indus Healthcare Fund I Ltd and up to 21,380 shares of Lotus Management Solutions.
Krsnaa Diagnostics said it is in talks with its book-running managers for a pre-IPO placement of ₹200 crore from anchor investors.
JM Financial Ltd, DAM Capital Advisors Ltd, Enquires Capital and IIFL Securities are managers to the issue.
The proceeds from the issue of ₹150.81 crore will be used to fund the cost of opening diagnostics centres in Punjab, Karnataka, Himachal Pradesh and Maharashtra, according to the company.
The firm will use ₹125.70 crore to repay certain borrowings. As of December 2020, Krsnaa Diagnostics had a total debt of ₹232.50 crore.
For the nine months ended December 2020, the company’s total income jumped to ₹562.70 crore from ₹199.55 crore in the year-ago period.
The company also swung to a net profit of ₹196.01 crore during the same period from a net loss of ₹46.73 crore in the year-ago period.
Krsnaa Diagnostics offers a range of technology-enabled diagnostic services such as imaging (radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges and community health centres.
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