Krsnaa Diagnostics IPO Date: Krsnaa Diagnostics has raised Rs 537 crore from a host of anchor investors including HSBC Global and Nomura.
The company has decided to allocate 56,28,937 equity shares to 44 anchor investors at Rs 954 apiece, aggregating the transaction size to Rs 537 crore, according to a circular uploaded on the BSE website late on Tuesday. 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.
The IPO comprises a 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 three-day IPO, with a fixed price band of Rs 933-954 a share, opened for public subscription on Wednesday. At the upper end of the price band, the IPO is expected to mobilize Rs 1,213.3 crore.
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.
The company said investors can bid for a minimum of 15 equity shares and in multiples of 15 thereafter.
Krsnaa Diagnostics provides a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory, and teleradiology 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 June 2021, the company operated 1,823 diagnostic centers offering both radiology and pathology services in 13 states across the country.
JM Financial, DAM Capital Advisors, Equirus Capital, and IIFL Securities are merchant bankers to the issue.