Krsnaa Diagnostics fixes IPO price at ₹933-954 a share2 min read . Updated: 31 Jul 2021, 09:11 AM IST
- The IPO will consist of a fresh issue of ₹400 crore and an offer for sale of up to 8.53 million shares by its existing promoters and shareholders
Mumbai: Krsnaa Diagnostics Ltd has fixed a price band of ₹933-954 a share for its initial public offer (IPO). The IPO will open for subscription on 4 August and close on 6 August.
The IPO will consist of a fresh issue of ₹400 crore and an offer for sale of up to 8.53 million shares by its existing promoters and shareholders.
At the upper end of the issue price, the firm will raise approximately ₹1213.76 crore.
The OFS comprises sale of 1.6 million shares by PHI Capital Trust-PHI Capital Growth Fund-I, up to 3.34 million shares by Kitara PIIN 1104, up to 3.56 million shares by Somerset Indus Healthcare Fund I Ltd and up to 21,380 shares by Lotus Management Solutions.
JM Financial Ltd, DAM Capital Advisors Ltd, Enquires Capital Pvt and IIFL Securities are the book-running lead managers to the issue.
The proceeds from the issue of ₹150.81 crore will be used for financing the cost of establishing diagnostics centers at Punjab, Karnataka, Himachal Pradesh and Maharashtra.
The firm will use ₹125.70 crore for repayment of certain borrowings availed by it. As of June 2021, the total debt under the various financing arrangements of the company aggregated to Rs141.73 crore.
For fiscal year 2021, the total income of the company stood at ₹661.48 crore versus ₹271.38 crore a year ago. Net profit for the period stood at ₹184.93 crore against a net loss of ₹111.95 crore last year.
The firm is a large and differentiated diagnostic service provider. It provides 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 centers 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 December 2020, the company has deployed 1,781 diagnostic centers pursuant to PPP agreements with public health agencies.
As of June 2021, the firm had deployed 1,797 diagnostic centers pursuant to PPP agreements with public health agencies. In addition to the PPP segment, it has been growing its collaboration with private healthcare providers to operate diagnostic centers within their facilities, and have expanded from operating 14 diagnostic centers, as of March 2019 to 20 diagnostic centers as of March 2021 while it operated 26 such diagnostic centers as of June 2021.
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