Shares of Krsnaa Diagnostics were currently trading at Rs 1072.1 per share at 10:24 IST on the BSE, at a premium of 12.38% to the issue price of Rs 954 per share.
The scrip was listed at Rs 1025 per share, at a premium of 7.44% to the initial public offer (IPO) price.
So far, the stock has hit a high of 1099.50 and a low of 961.45. On the BSE, over 2.49 lakh shares of the company were traded in the counter.
The initial public offer of Krsnaa Diagnostics received bids for 45.80 crore shares as against 71.12 lakh shares on offer, according to stock exchange data. The issue was subscribed 64.40 times.
The issue opened for bidding on Wednesday (4 August 2021) and closed on Friday (6 August 2021). The price band of the IPO was set at Rs 933-954 per share.
The IPO comprised of fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale (OFS) of up to 85,25,520 equity shares by existing shareholders Phi Capita, Kitara, Somerset and Lotus Management Solutions.
Out of the net proceeds from the fresh issue, Rs 150.8 crore will be used to finance the cost of establishing diagnostics centres in Punjab, Karnataka, Himachal Pradesh and Maharashtra; Rs 146.08 crore will be used for repayment/pre-payment of certain borrowings availed by the company; and remaining proceeds will be used for general corporate purposes.
Ahead of the IPO, Krsnaa Diagnostics on 3 August 2021 finalized allocation of 56,28,937 equity shares to anchor investors, at Rs 954 per equity share, aggregating to Rs 537 crore.
Krsnaa Diagnostics offers a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges, and community health centres pan-India.
The company also offers a range of diagnostics imaging services and clinical laboratory tests that include both routine and specialized tests / studies and profiles, which are used for prediction, early detection, diagnostic screening, confirmation, and monitoring of diseases.
The company has an extensive network of integrated diagnostic centres across India primarily in non-metro and lower tier cities and towns. As of June 30, 2021, company operated 1,823 diagnostic centres offering radiology and pathology services in 13 states across India.
The company reported a net profit of Rs 184.92 crore and sales of Rs 396.46 crore in the twelve months ended on 31 March 2021.
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