Krsnaa Diagnostics shares list at 7.4% premium over IPO price

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Updated: August 16, 2021 10:24 AM

Krsnaa Diagnostics shares made a tepid listing on the stock exchanges today, following muted market movement.

KrsnaaDiagnosticsEach of its diagnostic centres and particularly the teleradiology reporting hub is critical to its operations

Krsnaa Diagnostics shares made a tepid listing on the stock exchanges today, following muted market movement. Krsnaa Diagnostics’ shares began trading at Rs 1025 per share, up 7.33% from the IPO price of Rs 954 per share. The IPO of Krsnaa Diagnostics had received a strong response from investors, receiving 64.38 times subscription. On listing the company was commanding a market capitalization of Rs 3,218.26 crore.

Check live prices: Krsnaa Diagnostics

Upon listing, Krsnaa Diagnostics has joined the listed industry peers such as Metropolis Healthcare and Dr. Lal Pathlabs Ltd. During the IPO, Qualified Institutional Buyers (QIBs) subscribed 49.83 times of their reserved portion, non-institutional investors 116.30 times and retail investors 42.04 times. The initial public offer (IPO) had a fresh issue of up to Rs 400 crore and an offer for sale of up to 85,25,520 equity shares.

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 centres across India. The company experienced heavy demand for PCR testing as a result of the COVID-19 pandemic, which has had a positive impact on its overall testing volume, the duration and level of the demand for, and reimbursement for, COVID-19 molecular testing was uncertain.

Each of its diagnostic centres and particularly the teleradiology reporting hub is critical to its operations. Krsnaa Diagnostics competitors include diagnostic healthcare service providers in India, hospital-based diagnostic centres, independent clinical laboratories, other smaller-scale providers of diagnostic services (such as pathology, radiology laboratories and preventive care providers as well as international service providers which may establish and expand their operations in future.

Krsnaa Diagnostics is on an expansion spree with more centres opening. In addition to the above, a comprehensive range of diagnostic services i.e. imaging and pathology, strong brand equity with quality healthcare services at affordable prices and consistent financial performance track record provide for further growth visibility, BP Equities Institutional Research said in a report.

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