Krsnaa Diagnostics IPO had received healthy demand from investors, getting 64.40 times subscription during August 4-6, 2021.
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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Krsnaa Diagnostics, one of the largest differentiated diagnostic service providers in India, started off the first day of trade on a positive note on August 16, as it listed at a 7 percent premium on the bourses.
The stock opened at Rs 1,025 on the BSE and Rs 1,005.55 on the National Stock Exchange.
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The initial public offering of Krsnaa Diagnostics had received healthy demand from investors, with 64.40 times subscription during August 4-6, 2021. The portion set aside for qualified institutional buyers was subscribed 49.83 times, non-institutional investors’ part was oversubscribed by 116.30 times and retail investors had put in bids 42.04 times their reserved portion. Employees’ portion was subscribed 98 percent.
The Rs 1,213.33-crore public issue had comprised a fresh issue of Rs 400 and an offer for sale of Rs 813.33 crore by selling shareholders, including PHI Capital Trust, Kitara, and Somerset Indus Healthcare Fund. The company will utilise fresh issue proceeds for establishing diagnostics centres in Punjab, Karnataka, Himachal Pradesh and Maharashtra, and repaying of debts.
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Krsnaa Diagnostics owns an extensive network of integrated diagnostic centres across India primarily in non-metro and lower-tier cities and towns, with operating 1,823 diagnostic centres offering radiology and pathology services in 13 states across India as of June 2021. The company focuses on the public-private partnership (PPP) diagnostics segment and has the largest presence in the diagnostic PPP segment.
Majority of brokerages had assigned a subscribe rating to the issue. “Considering its unique business model with cost advantage and plans for standalone centres, the company’s revenue visibility for the future looks promising,” said Geojit Financial Services which provided a subscribe on a short term view for listing gain.
Krsnaa operates one of India’s largest tele-radiology reporting hubs in Pune which can serve patients in remote locations where diagnostic facilities are limited.
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The diagnostic industry in India is expected to grow at around 15 percent and achieve a value of Rs 92,000 crore to Rs 98,000 crore between FY21 and FY23.
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Arihant Capital Markets likes the company backed by its unique and scaled diagnostics business, recommending subscribe for listing gains to the issue.
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