Krsnaa Diagnostics IPO Subscribed 5.35 Times On Day 2
Retail investors continued to bid for shares of Krsnaa Diagnostics Ltd. on the second day of subscription for its Rs 1,213-crore initial public offering.
The offer was subscribed nearly two times on the first day.
The diagnostics services provider has 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, comprises 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/pre-pay 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 will close on Aug. 6.
Subscription Details: Day 2
The IPO was subscribed 5.35 times as of 5 p.m. on Aug. 5.
Institutional investors: 0.50 times
Non-institutional investors: 4.71 times
Retail investors: 21.74 times
Employees: 0.51 times