Krsnaa Diagnostics Limited will open its initial public offering (IPO) on Wednesday, August 4. The price band is Rs 933 to Rs 954 per equity share of face value of Rs 5 each. The offer will close on Friday, August 6. This will be the fourth IPO to open on Wednesday, along with Devyani International, Windlas Biotech, and Exxaro Tiles.
Minimum bid lot is 15 equity shares and in multiples of 15 equity shares, thereafter. The floor price is 186.6 times the face value and the cap price is 190.8 the face value of the equity shares.
The IPO comprises a fresh issue aggregating up to Rs 400 crore worth of shares, with an offer for sale of up to 8,525,520 equity shares.
The sale offer is for about Rs 1,213.33 crore. This include 16 lakh equity shares for sale by PHI Capital Trust-PHI Capital Growth Fund-I, which holds 23.42 per cent stake; 33,40,713 shares by Kitara PIIN 1104, which holds 16.38 per cent; 35,63,427 shares by Somerset Indus Healthcare Fund I, which holds 16.38 per cent stake; and 21,380 shares by Lotus Management Solutions. Promoter Rajendra Mutha holds a 29.53 per cent stake in the company.
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Krsnaa Diagnostics operates diagnostic centres in a public-partnership model (PPP) agreements with public health agencies. It provides diagnostic services such as imaging (including radiology), pathology, and tele-radiology services to public and private hospitals. After starting with just two radiology centres, it now has 1,000 plus radiology centres and 500 plus pathology centres in its network and handles more than 70,000 CT/MRI and 5 lakh X-rays per month, while employing around 1,000 employees in the centres.
As per the company, the proceeds from the issue will be used for setting up diagnostics centres in Punjab, Karnataka, Himachal Pradesh and Maharashtra, and to retire debts and other corporate purposes. The book running lead managers to the issue are JM Financial, DAM Capital Advisors, Equirus Capital, and IIFL Securities.
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