Krsnaa Diagnostics has fixed the price band of Rs 933-954 a share for its initial public offering (IPO). The three-day offer will open for public subscription on August 4 and conclude on August 6.
The bidding for anchor investors will open on August 3, the company said.
The IPO comprises a fresh issue of equity shares worth Rs 400 crore and an offer for sale (OFS) of up to 8,525,520 equity stocks by its existing shareholders.
Phi Capital will sell 16 lakh equity shares, Kitara will offload 33,40,713 equity shares, Somerset Indus Healthcare Fund I Ltd will offer 35,63,427 equity shares and Lotus Management Solutions will sell 21,380 equity shares, as a part of the OFS.
At the upper end of the price band, the company expects to mobilise Rs 1,213.3 crore from the issue.
Investors can bid for a minimum of 15 equity shares and in multiples of 15 thereafter.
The proceeds from the fresh issue will be used for financing the cost of establishing diagnostics centres at Punjab, Karnataka, Himachal Pradesh, and Maharashtra; repayment of loans availed by the company and general corporate purposes.
JM Financial Ltd, DAM Capital Advisors Ltd, Enquires Capital Pvt, and IIFL Securities are merchant bankers to the issue.
Krsnaa Diagnostics provides a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory and teleradiology services to public and private hospitals, medical colleges and community health centres pan-India.
The company focuses on the public-private partnership (PPP) diagnostics segment and has the largest presence in the diagnostic PPP segment.
As of June 2021, the company operated 1,823 diagnostic centres offering both radiology and pathology services in 13 states across the country.