Krsnaa Diagnostics IPO to open for subscription on Aug 5

By: |
August 03, 2021 1:15 AM

Reporting costs were kept low through a centralised tele-radiology operation based out of Pune. The PPP tie-up periods range from two to 10 years.

Nuvoco Vistas IPO70% of the issue or Rs 3,500 crore is part of an offer for sale (OFS) by existing shareholders while the remaining 30% of Rs 1,500 crore is a fresh issue of equity shares.

The initial public offering (IPO) by Krsnaa Diagnostics will open on August 5 and close on August 6. The price band has been fixed between `933-`954 per equity share with a face value of Rs  5 each.

Pune-based Krsnaa Diagnostics is one of the largest differentiated diagnostic service providers in the country, with a network of 1,823 diagnostic labs with radiology and pathology services in 13 states. A significant portion of the company’s business comes from labs set up on a public-private partnership (PPP) basis with state governments and municipal bodies in non-metros and low-tier cities and towns, Yash Mutha, executive director of Krsnaa said.

Mutha said the company saved on rentals and marketing costs through tie-ups with public hospitals and government healthcare centres. Reporting costs were kept low through a centralised tele-radiology operation based out of Pune. The PPP tie-up periods range from two to 10 years.

The IPO comprises fresh issue aggregating up to Rs 4,000 million and an offer for sale of up to 8,525,520 equity shares. The selling shareholders are private equity investors Phi Capital Trust-Phi Capital Growth Fund-I, Kitara, Somerset Indus Healthcare Fund I and Lotus Management Solutions. The offer includes a reservation aggregating up to Rs 200 million for subscription by employees.

The company proposes to utilise the net proceeds from the fresh issue for repayment/ pre-payment of debt of Rs 147 crore and become a zero debt company. The company will spend Rs 150 crore on projects, including setting up diagnostics centres in Punjab, Karnataka, Himachal Pradesh and Maharashtra, Mutha said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Sansera Engineering IPO share allotment: Check status online, grey market premium; listing on Sep 24
2Sansera Engineering IPO, Sansera Engineering, IPO, qualified institutional buyers
3Paras Defence and Space Technologies IPO opens Sep 21; check price band, grey market premium, offer details