Krsnaa Diagnostics’ initial public offering (IPO) of Rs 1200 billion will open for tender on August 4th. of up to 94.16.377 shares by existing shareholders including Phi Capital, Kitara, Somerset Indus Healthcare Fund I and Lotus Management Solutions. The shares of the Pune-based diagnostics chain are expected to be listed on BSE and NSE on August 17th.
A total of 75 percent of the issue is reserved for qualified institutional buyers (QIB), 15 percent for non-institutional investors and 10 percent for private investors, the diagnostics service provider announced in its prospectus.
Krsnaa Diagnostics will use the proceeds from the share sale to build diagnostic centers in Punjab, Karnataka, Himachal Pradesh and Maharashtra, to repay existing loans and to use them for general corporate purposes.
Krsnaa Diagnostics was founded in 2010. It provides a wide range of diagnostic services such as imaging and radiological services, clinical laboratory tests, pathology and teleradiology for private and public hospitals, medical colleges and community health centers. As of December 31, 2020, it operated 1,801 diagnostic centers in 13 cities across the country.
Rajendra Mutha is the sponsor of Krishnaa Diagnostics.
DAM Capital Advisors (formerly IDFC Securities), Equirus Capital, IIFL Holdings and JM Financial Consultants are the lead managers of the public issue of Krsnaa Diagnostics, while KFintech is the registrar of the issue.