Krsnaa Diagnostics, one of the largest differentiated diagnostic services providers in India, has received strong response from investors as it garnered Rs 537 crore from 44 anchor investors on August 3, ahead of issue opening.
The offer will open for subscription on August 4 and will close on August 6.
The company, in consultation with book running lead managers and selling shareholders, has finalised allocation of 56,28,937 equity shares to anchor investors, at a price of Rs 954 per share, the company said in its BSE filing on August 3.
Marquee investors who showed strong interest in the public issue through anchor book were Kuber India Fund, Volrado Venture Partners, HSBC, Tara Emerging Asia Liquid Fund, Societe Generale, Elara India Opportunities Fund, Nomura, Stock Mother Fund, and Segantii India Mauritius.
Among domestic investors, Abakkus Growth Fund, ICICI Prudential, HDFC Life Insurance, SBI Mutual Fund, Tata Mutual Fund, Motilal Oswal Mutual Fund, Edelweiss, Nippon Life, Aditya Birla Sun Life, Kotak Mutual Fund, Max Life Insurance, and Kotak Mahindra Life Insurance also participated in the anchor book.
"Out of the total allocation of 56,28,937 equity shares to anchor investors, 26,41,560 equity shares (46.93 percent of total allocation to anchor investors) were allocated to 9 domestic mutual funds through a total of 16 schemes," said the company.
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Krsnaa Diagnostics is planning to raise Rs 1,213.33 crore from the issue, at the upper end of the price band. The initial public offering comprises a fresh issue of Rs 400 crore and an offer for sale of 85,25,520 equity shares by selling shareholders PHI Capital Trust-PHI Capital Growth Fund-I,Kitara PIIN 1104, Somerset Indus Healthcare Fund I, and Lotus Management Solutions (acting through Mayur Sirdesai).
The company will utilise net proceeds from the fresh issue for establishing diagnostics centres in Punjab, Karnataka, Himachal Pradesh and Maharashtra, and repayment of borrowings.
Krsnaa Diagnostics has an extensive network of integrated diagnostic centres across India primarily in non-metro and lower-tier cities and towns. As of June 2021, it operated 1,823 diagnostic centres offering radiology and pathology services in 13 states across India.