Krsnaa files draft papers for IPO
PremiumKrsnaa Diagnostics Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO)
MUMBAI : Krsnaa Diagnostics Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).
On 2 April, Mint was the first to report that the firm has begun preparations for a ₹1,200 crore IPO. The IPO will comprise a fresh issue of ₹400 crore and an offer for sale (OFS) of up to 9.42 million shares by its existing promoters and shareholders.
MORE FROM THIS SECTIONSee All
Premium Premium Pandemic-hit economy needs high-speed vaccination and more
2 min read . 01:51 AM IST
Premium Premium L&T maintains stellar margin performance but FY22 outlook is a dampener
2 min read . 01:45 AM IST
Premium Premium Buffeted by headwinds, Go First takes the IPO route to reduce turbulence
3 min read . 01:32 AM ISTThe OFS will comprise 1.6 million shares of PHI Capital Trust-PHI Capital Growth Fund-I, up to 3.34 million shares of Kitara PIIN 1104, up to 4.45 million shares of Somerset Indus Healthcare Fund I Ltd and up to 21,380 shares of Lotus Management Solutions.
Krsnaa Diagnostics said it is in talks with its book-running managers for a pre-IPO placement of ₹200 crore from anchor investors.
JM Financial Ltd, DAM Capital Advisors Ltd, Enquires Capital and IIFL Securities are managers to the issue.
The proceeds from the issue of ₹150.81 crore will be used to fund the cost of opening diagnostics centres in Punjab, Karnataka, Himachal Pradesh and Maharashtra, according to the company.
The firm will use ₹125.70 crore to repay certain borrowings. As of December 2020, Krsnaa Diagnostics had a total debt of ₹232.50 crore.
For the nine months ended December 2020, the company’s total income jumped to ₹562.70 crore from ₹199.55 crore in the year-ago period.
The company also swung to a net profit of ₹196.01 crore during the same period from a net loss of ₹46.73 crore in the year-ago period.
Krsnaa Diagnostics offers a range of technology-enabled diagnostic services such as imaging (radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges and community health centres.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!