Krsnaa Diagnostics Ends 3.5% Higher On Market Debut
Shares of Krsnaa Diagnostics Ltd. gained on debut after investor interest in its initial public offering picked up on the final day of bidding.
The stock listed at Rs 1,005.55 apiece on the National Stock Exchange, a 5.4% premium to its issue price of Rs 954. It touched an intraday high of Rs 1,099.70 (or up 15.3%) and an intraday low of Rs 960. The scrip closed 3.46% higher at Rs 987.
The company’s Rs 1,213-crore IPO received 63.53 times more demand than the shares on offer, becoming the 13th most subscribed issue so far this year. The IPO comprised a fresh issue of Rs 400 crore and a Rs 813.3-crore offer-for-sale by private equities.
It intends to utilise Rs 150 crore to set up 29 diagnostic centres across four states — Punjab, Maharashtra, Karnataka and Himachal Pradesh. The company also plans to repay or prepay debt worth Rs 146 crore to lenders in the ongoing financial year. Krysnaas total borrowings stood at Rs 231.7 crore as of March 2021.
Krsnaa provides specialised diagnostic imaging, pathology/clinical laboratory and tele-radiology services including 1,394 radiology tests and over 2,500 pathological tests, across a range of specialties.