Krsnaa Diagnostics’ Rs 1200 crore initial public offering (IPO) opens for subscription today i.e. August 4. The IPO will be open till August 6. The Pune-based diagnostics chain’s IPO will consist of a fresh issue of shares worth Rs 400 crore and an offer for sale of up to 94,16,377 shares by existing shareholders. Ahead of the IPO, Krsnaa Diagnostics has garnered garnered Rs 537 crore from 44 anchor investors. The shares will be listed on the bourses on August 17.
The anchor investors who poured money into the IPO included Kuber India Fund, Volrado Venture Partners, HSBC, Tara Emerging Asia Liquid Fund, Societe Generale, Elara India Opportunities Fund and Nomura, among others.
Applicants can apply for a minimum one lot of 15 shares and in multiples thereof, extending up to 10 lots amounting to 195 shares. At the upper limit of the lot size, the application amount would be Rs 14,310 for one lot. As much as 75 per cent of the public issue has been reserved for qualified institutional buyers (QIB), 15 per cent for non-institutional investors and 10 per cent for retail investors.
Krsnaa Diagnostics will use the proceeds from the share sale to establish diagnostics centres at Punjab, Karnataka, Himachal Pradesh and Maharashtra, and to repay existing loans.
Krsnaa Diagnostics was incorporated in the year 2010. It provides a wide range of diagnostic services such as imaging and radiology services, clinical laboratory tests, pathology and tele-radiology services to private and public hospitals, medical colleges and community health centres.
DAM Capital Advisors (Formerly IDFC Securities), Equirus Capital, IIFL Holdings and JM Financial Consultants are the lead managers to the public issue of Krsnaa Diagnostics, whereas KFintech is the registrar to the issue.