Investors piled into the Rs 1,213-crore initial public offering of Krsnaa Diagnostics Ltd on its final day, deriving optimism from the success of recent share sales.
The offer was subscribed 1.9 and 5.3 times on the first and second day, respectively.
The diagnostics services provider had set a price band of Rs 933-954 apiece, seeking a market value of Rs 2,994 crore at the upper end. The IPO, according to its red herring prospectus, comprised a fresh issue of Rs 400 crore and a Rs 813.3-crore offer-for-sale by private equities.
The company plans to use Rs 150 crore to set up 29 diagnostic centres across Punjab, Maharashtra, Karnataka and Himachal Pradesh. It also plans to repay or pay in advance debt worth Rs 146 crore to lenders in the ongoing financial year. The company's total borrowings stood at Rs 231.7 crore as of March 2021.
Besides Krsnaa Diagnostics, Devyani International Ltd., Windlas Biotech Ltd. and Exxaro Tiles Ltd. launched their maiden offers on Aug. 4. The IPOs closed on Aug. 6.
Subscription Details: Day 3
The IPO was subscribed 63.53 times as of 8 p.m. on Aug. 6.
Institutional investors: 49.83 times.
Non-institutional investors: 116.3 times.
Retail investors: 37.12 times.
Employees: 0.98 times.
Research Reports On Krsnaa Diagnostics IPO
Strong Business Operations Reflects In Its Financials: Anand Rathi
Premium Valuation For Differentiated Diagnostics: Dolat Capital
Watch BloombergQuint's IPO Adda with Krsnaa Diagnostics:
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