BackDiagnostics chain Krsnaa plans to launch ₹1,200-crore IPO
The firm runs diagnostic centres across the country covering all tests under radiology and pathology
PremiumKrsnaa Diagnostics Pvt. Ltd has begun preparations for an initial public offering (IPO) that will see the Pune-based diagnostics chain raise as much as ₹1,200 crore, said three people aware of the development.
“The company started work on its IPO last month. They have appointed four investment banks—JM Financial, IIFL, DAM Capital and Equirus to work on the IPO," said one of the three people cited above.
According to the second person cited above, the IPO will be a mix of a primary share sale to raise money for the business and a secondary share sale by the investors of the company.
“They are looking at raising around ₹1,000-1,200 crore. The company is likely to be valued at around ₹3,000 crore," the person said. An email sent to Pallavi Jain, managing director, Krsnaa Diagnostics on Friday did not elicit a response.
The firm runs diagnostic centres across the country covering all tests under radiology and pathology. In November, Crisil revised its outlook on the long-term facilities of Krsnaa Diagnostics to ‘positive’ from ‘stable’ while reaffirming the rating at ‘BBB’.
“The revision in outlook reflects sharp improvement in KDPL’s business performance in fiscal 2021, despite challenges," the rating agency said.
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