New IPO: The IPO of Krsnaa Diagnostics will open for subscription on August 4. For this IPO of Rs 1213.33 crore, the company has fixed a price band of Rs 933-954. The face value of the shares will be Rs 5 per share. Before the IPO, the shares of Krsnaa Diagnostics are trading at a price of Rs 1364 in the gray market, which is 43 percent i.e. Rs 410 more than the IPO price. According to the information, new shares worth Rs 400 crore will be issued under the issue, while 85.25 lakh equity shares will be issued by the existing shareholders under the Offer for Sale (OFS). Apart from this, Devyani International, Windlass Biotech and Xaro Tiles will also open for public issue on 4th August.
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Lot size of 15 shares, reserved for 20 crore workers
Investors can bid for a minimum of 15 equity shares. Thus, according to the upper price of the price band, investors will have to invest at least Rs 14310. 75 per cent of the issue is reserved for qualified institutional buyers, 15 per cent for non-institutional buyers and 10 per cent for retail investors. Apart from this, 20 crore shares have been reserved for employees, which will be available at a discount of Rs 93 per share against the issue price. JM Financial, DAM Capital Advisors, Equirus Capital and IIFL Securities are the book running lead managers to the issue.
The allotment of shares is expected on August 11 and listing in the market on August 17. The registrar of the issue is KFin Technologies Pvt Ltd. With Rs 150.8 crore raised through the issue, diagnostic centers will be set up in Punjab, Karnataka, Himachal Pradesh and Maharashtra and Rs 146.08 crore loan will be fully/partially repaid. Apart from this, the fund will also be used for general corporate purposes.
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Krsnaa Diagnostics increased PCR testing due to Corona
Due to the outbreak of Corona epidemic, there was a tremendous increase in the PCR testing of the company. According to the data available till 31 December 2020, more than 1800 diagnostic centers are operating in 13 states of the country. Apart from this, it also operates a teleradiology reporting hub in Pune. Krsnaa Diagnostics’ competitors include diagnostic healthcare service providers across the country, hospital’s own diagnostic centers, independent clinical labs, other small-scale diagnostic centers (such as pathology, radiology labs) and international service providers. Talking about the listed industry piers of Krsnaa Diagnostics, Metropolis Healthcare and Dr Lal Patholabs are listed in the market. Krsnaa Diagnostics has a weighted average return on net worth of 9.54 per cent in the last three financial years.