In the latest offering in healthcare, Krsnaa Diagnostics Limited’s ₹1,213 crore initial public offering is set to open on August 4. The differentiated diagnostics company has fixed the price band of its IPO as ₹933-954 a share.

The IPO comprises a fresh issue aggregating up to ₹400 crore and an offer-for-sale of up to 85.25 lakh shares. Among them, 16 lakh shares will be offered by Phi Capital Trust-Phi Capital Growth Fund-I; 33.41 lakh shares by Kitara PIIN 1104; 35.63 lakh shares by Somerset Indus Healthcare Fund I Ltd; and 21,380 shares by Lotus Management Solutions (acting through Mayur Sirdesai).

The company said investors can bid for a minimum of 15 equity shares and in multiples of 15 thereafter.

The offer includes a reservation aggregating up to ₹20 crore, for subscription by eligible employees, a note from the company said.

Use of proceeds

The company proposes to utilise the net proceeds from the fresh issue to finance the cost of establishing diagnostics centres at Punjab, Karnataka, Himachal Pradesh and Maharashtra, besides repayment or prepayment (in full or part) of borrowings from banks and other lenders availed by the company, it said, besides other corporate purposes.

Recently, the market has seen IPOs in the pharmaceutical space by Glenmark Life Sciences and Windlas Biotech.

Diagnostics IPO

Other listed diagnostics companies include Thyrocare (where PharmEasy has recently bought out the promoter stake), Dr Lal Pathlabs and Metropolis Healthcare.

JM Financial Ltd, DAM Capital Advisors Limited (Formerly IDFC Securities Ltd), Equirus Capital Private Limited and IIFL Securities Limited are the book running lead managers to the issue.

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