Muted debut: Krsnaa Diagnostics opens at Rs 1,025 a premium of 7.44%
On the BSE, Krsnaa Diagnostics opened at Rs 1,025, at a premium of 7.44% or Rs 71 over its issue price of Rs 954 per share.
Diagnostics chain, Krsnaa Diagnostics made a decent debut on the stock exchanges on August 16. Shares of the company opened for trading at Rs 1005.55 per share on the National Stock Exchange, implying a premium of 5.40% or Rs 51.55 from the issue price of Rs 954 per share. On the BSE, the stock opened at Rs 1,025, at a premium of 7.44%.
The Rs 1,213.76 crore Krsnaa Diagnostics IPO got subscribed 64.38 times as it garnered bids for 45,80,08,245 shares against 71,12,099 shares on offer, according to data available with the exchanges. The category meant for Qualified Institutional Buyers (QIBs) was subscribed 49.83 times, those for non-institutional investors 116.30 times and retail investors 42.04 times.
The Rs 1,213.76-crore public offer comprised of fresh issuance of equity shares of Rs 400 crore, and an offer for sale (OFS) of 8.53 million shares totalling to Rs 813.76 crore. The OFS comprises sale of 1.6 million shares by PHI Capital Trust-PHI Capital Growth Fund-I, up to 3.34 million shares by Kitara PIIN 1104, up to 3.56 million shares by Somerset Indus Healthcare Fund I Ltd and up to 21,380 shares by Lotus Management Solutions.
The diagnostic chain will utilize Rs 150.81 crore for financing the cost of establishing diagnostics centers at Punjab, Karnataka, Himachal Pradesh and Maharashtra. While the firm will use Rs 125.70 crore for repayment of certain borrowings availed by it. As of June 2021, the total debt under the various financing arrangements of the company aggregated to Rs141.73 crore. And the rest will be utilised for general corporate purpose.
Krsnaa Diagnostics is one of the fastest-growing diagnostic chains in India. The company offers a wide range of diagnostic services such as imaging/radiology services (X-rays, MRI, etc.), routine clinical laboratory tests, pathology, and tele-radiology services to private and public hospitals, medical colleges, and community health centres.
As of December 31, 2020, it operates 1,801 diagnostic centres that are offering radiology and pathology services across 13 different cities in India. In fiscal 2020, the business has served 5.27 million patients.
For the financial year ended March 31, 2021, the company reported total revenue of Rs 604.53 crore compared to Rs 528.99 crore in FY19. During the same period the company turned into black as it posted a profit of Rs 184.93 crore in FY21 versus a loss of Rs 58.06 crore in FY19.