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Krsnaa Diagnostics IPO opens August 4; check price band, grey market premium, IPO size, listing date

Krsnaa Diagnostics IPO will be among four public issues to open on 4 August 2021 along with Devyani International, Windlas Biotech, and Exxaro Tiles

Krsnaa Diagnostics Rs 1,213-crore IPO will open for subscription on Wednesday, 4 August 2021, at a price band of Rs 933-954 per share of face value of Rs 5 each. The public issue comprises a fresh issue of shares worth Rs 400 crore and an offer for sale (OFS) of up to 85.25 lakh equity shares by existing selling shareholders. The offer for sale consists of sale of 16 lakh equity shares by PHI Capital Trust-PHI Capital Growth Fund-I; 33,40,713 equity shares by Kitara PIIN 1104; 35,63,427 equity shares by Somerset Indus Healthcare Fund I; and 21,380 equity shares by Lotus Management Solutions (acting through Mayur Sirdesai). The total offer size comes to Rs 1,213.33 crore.

In the grey market, Krsnaa Diagnostics shares were seen trading at Rs 1,364 apiece, Rs 410 or 43 per cent premium over the IPO price, according to the people who deal in the unlisted shares of companies. Krsnaa Diagnostics IPO will be among four public issues to open on 4 August 2021 along with Devyani International, Windlas Biotech, and Exxaro Tiles. Investors can bid for a minimum of 15 equity shares and in multiples thereafter, implying a minimum investment of Rs 14,310 per lot at the upper end of the price band. Up to 75 per cent of the net offer (or Rs 881.57-895 crore) will be reserved for Qualified Institutional Buyers (QIBs), 15 per cent (or Rs 176.31-179 crore) for non-institutional investors and the remaining 10 per cent (or Rs 117.54-119.33 crore) for the retail investors. The offer also includes a reservation of shares worth Rs 20 crore for employees, who will a discount of Rs 93 per share to the final issue price. JM Financial, DAM Capital Advisors, Equirus Capital, and IIFL Securities are the book running lead managers to the issue.

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. The diagnostic firm operated over 1,800 diagnostic centres across 13 states as of December 31, 2020. It also operates a teleradiology reporting hub in Pune. 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 listed industry peers are Metropolis Healthcare and Dr. Lal PathLabs. The weighted average return on net worth for last three fiscals is 9.54 per cent. The expected date for allotment of shares is 11th August 2021. And the tentative date for listing of Krsnaa Diagnostics shares at NSE and BSE is 17th August 2021. The registrar to the issue is KFin Technologies Pvt Ltd. The company has planned to utilise the net proceeds towards funding the finance the cost of establishing diagnostics centres at Punjab, Karnataka, Himachal Pradesh and Maharashtra worth Rs 150.8 crore, repayment/pre-payment, in full or part, of borrowings from banks and other lenders availed by the company worth Rs 146.08 crore, and for general corporate purposes.

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