Tag: Krsnaa Diagnostics

Preventive health check-ups on the rise; looking to expand in genomics, AI: Krsnaa Diagnostics

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Krsnaa Diagnostics, the leading diagnostic chain, is listed at 7 percent premium over issue price on the BSE today. The shares listed at Rs 1,025 on BSE and Rs 1,005 on NSE, up 5.4 percent or Rs 51. At the issue price, Krsnaa Diagnostics commanded a market cap of Rs 3,218 crore. The public offering comprised of fresh issue of shares worth Rs 400 crore and an offer for sale of shares worth over Rs 800 crore.

Krsnaa Diagnostics is one of the largest differentiated diagnostic service providers in the country. It specialises in tech-powered services like imaging (including radiology), pathology and clinical labs, and teleradiology services to various private and public hospitals.

Pallavi Bhatevara, managing director and Yash Mutha, director of Krsnaa Diagnostics, in an interview with CNBC-TV18, spoke at length about the listing and future prospects for the company.

Bhatevara said, “People have started taking healthcare as a priority and have become cautious of health and that is a good sign because we are seeing a lot of preventive health checkups coming in, a lot of corporate coming in for tie-up for their employee checkups. So, there are different wings which have opened up post-pandemic and we definitely see it as a positive sign for our business.”

On expansion, Mutha said, “We see pathology share of revenue increasing where radiology and pathology be in the range of 50-50 in the years to come.”

Meanwhile, Bhatevara said, “With the kind of diseases coming up, with differentiated diagnostics in demand, we definitely are looking forward to expanding our network in not only radiology and pathology but also in super-speciality segments wherein genomics or artificial intelligence (AI) could also be on the plans in future.”

For the entire management interview, watch the video

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Devyani makes strong debut, Windlas lists at discount: how latest IPOs fared

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Four stocks entered the listed arena on Dalal Street on Monday, with Devyani International outshining others making a strong debut as its shares listed at a premium of 57 percent over the issue price. Krsnaa Diagnostics shares started trading on stock exchanges BSE and NSE at a premium of 5-7 percent.

Out of the four stocks that debuted on August 16, Windlas Biotech’s was the only one that opened at a discount to its issue price. On NSE, the stock listed at a discount of 5 percent.

Here’s how the four stocks — Devyani, Windlas, Krsnaa and Exxaro — fared at the opening:

Read more on the listing of Devyani, Exxaro, Krsnaa and Windlas shares here

The IPO of Devyani International — the largest franchisee of Yum Brands in India — was subscribed 27 times in a three-day bidding process that concluded on August 6. The portion reserved for qualified institutional buyers (QIB) was subscribed 95.27 times, and that for non-institutional investors 213.06 times. The quota for retail individual investors saw a subscription of 39.51 times. (Read more on Pizza Hut operator’s IPO)

The public offer of Krsnaa Diagnostics was subscribed 8.56 times. The category meant for QIBs saw a subscription of 49.83 times, and that for non-institutional investors 116.30 times. The quota for retail investors was subscribed 42.04 times. (Read more on Krsnaa IPO)

Windlas Biotech’s IPO saw a subscription of 22 times. The category for QIBs was subscribed 24.40 times, and that for non-institutional investors 15.73 times. The portion reserved for retail investors saw a subscription of 24.27 times. (Read more on Windlas Biotech IPO)

Exxaro Tiles’ IPO was subscribed 23 times in the bidding process.  The portion reserved for QIBs was subscribed 13.74 times and that for non-institutional investors 2.01 times. The quota reserved for retail investors saw a 17.64 times subscription. (Read more on Exxaro IPO)

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Krsnaa Diagnostics shares list at 7% premium on BSE

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The shares of Krsnaa Diagnostics got listed at a premium of 7.45 percent or Rs 71 on the BSE over its issue price of Rs 954. The shares listed at Rs 1,025 on BSE and Rs 1,005 on NSE, up 5.4 percent or Rs 51.

At the issue price, Krsnaa Diagnostics commanded a market cap of Rs 3,218 crore. The public offering comprised of fresh issue of shares worth Rs 400 crore and an offer for sale of shares worth over Rs 800 crore.

Krsnaa Diagnostics is one of the largest differentiated diagnostic service providers in the country. It specialises in tech-powered services like imaging (including radiology), pathology and clinical labs, and teleradiology services to various private and public hospitals.

On the third day of bidding, the issue of Krsnaa Diagnostics saw a massive subscription of 64.40 times. The qualified institutional buyers had put in bids for nearly 50 times their reserved portion. Whereas, non-institutional buyers had subscribed to the IPO 116 times. The part set aside for retail investors was subscribed over 42 times and the employees’ portion was subscribed 98 percent.

With the proceeds from the issue, the company plans to establish diagnostics centres in Punjab, Karnataka, Himachal Pradesh, and Maharashtra. It also plans to pay off debts from a portion of the proceeds.

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Krsnaa Diagnostics IPO share allotment likely today: Check status here

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Krsnaa Diagnostics’ initial public offer’s (IPO) share allotment is likely to be finalised today. The public offer was subscribed 64.4 times during August 4-6.

The IPO bidders can check their application status either on the BSE website or on the official registrar KFintech’s website.

Here‘s how one can check the share allotment status:

On BSE:

1) Visit the website: https://www.bseindia.com/investors/appli_check.aspx

2) Select ‘Equity’ and then from the dropdown, select issue name

3) Enter your Application Number and PAN Card number

4) Click on the “Search” button

Through the website of registrar – KFintech

1) Visit the website: https://kosmic.kfintech.com/ipostatus/

2) Select IPO name from the dropdown

3) Enter Application Number or DP ID/Client ID or PAN

4) In the case of application number, select application type (ASBA or NON-ASBA) and ‘Enter Application Number’. In the case of DPID/Client ID, select Depository “NSDL or CDSL” and enter “DP ID/Client ID”.

5) Enter ‘Captcha’ and submit

The status will only appear if the details are entered correctly. In the case of non-allotment, the blocked amount will be refunded to your bank account.

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Krsnaa Diagnostics IPO Day 3: Issue subscribed 8.56 times; retail portion booked 30 times

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The initial public offering of tech-enabled diagnostic services provider Krsnaa Diagnostics has been subscribed 8.56 times so far today, the third day of bidding. The offer has received bids for 6.09 crore equity shares against the IPO size of 71.12 lakh equity shares.

Retail investors subscribed 29.74 times to the IPO, and non-institutional investors 7.30 times their reserved portion. Qualified institutional buyers subscribed 2.63 times their reserved portion.

The price band for the offer, which closes today, is Rs 933-954 apiece. Brokerages have recommended a ‘buy’ for the IPO on the back of the company’s strong financial position.

Krsnaa Diagnostics is one of the largest differentiated diagnostic service providers. Its services include imaging, pathology/clinical labs, and teleradiology. It also offers its services to medical colleges and community health centres.

(As per subscription data available on exchanges till 12:25 am) 

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Krsnaa Diagnostics IPO day 2: Issue subscribed 5.33 times; retail portion booked over 21 times

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The initial public offering of tech-enabled diagnostics services company, Krsnaa Diagnostics has been subscribed 5.33 times on August 8, the second day of bidding. The offer has received bids for 3.79 crore equity shares against the IPO size of 71.12 lakh equity shares.

Retail investors subscribed 21.67 times, and non-institutional subscribers put in bids for 4.71 times the total meant for them. Qualified institutional buyers subscribed 0.50 times their reserved portion. The employee quota has been subscribed 0.51 times so far on Thursday.

The price band for the offer, which closes on August 6 is Rs 933-954 apiece. Brokerages have recommended a buy for the IPO on the backs of the company’s strong financial position.

Krsnaa Diagnostics is one of the largest differentiated diagnostic service providers. Its services include imaging, pathology/clinical labs, and teleradiology.

The company plans to use proceeds from the issue to finance the cost of establishing diagnostic centres in Punjab, Karnataka, Himachal Pradesh, and Maharashtra. It also plans to use the proceeds to repay its borrowings and other general corporate purposes.

(As per subscription data available on exchanges till 16:50 am) 

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Krsnaa Diagnostics subscribed 57% so far on Day 1; retail portion booked over 3 times

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The initial public offer (IPO) of the tech-enabled diagnostics services provider, Krsnaa Diagnostics was subscribed 168 percent so far on the first day of bidding. The issue has received bids for 1.20 crore shares as against 71.12 lakh shares offered, according to the subscription data on the exchanges.

The reserved portion of retail investors saw 4.31 times subscription, while that of non-institutional investors saw 2 percent subscription, till 3:20 pm. The portion reserved for qualified institutional buyers saw 48 percent subscription.

Krsnaa Diagnostics is one of the largest differentiated diagnostic service providers in the country. Its range of services includes imaging, pathology/clinical labs, and teleradiology services. The domestic lab chain offers services to the public, private hospitals, community health centres, and medical colleges.

Its OFS consists of a sale of 16 lakh shares by PHI Capital Trust-PHI Capital Growth Fund-I, 33 lakh shares by Kitara PIIN 1104, 35 lakh shares by Somerset Indus Healthcare Fund I, and 21,380 by Lotus Management Solutions (acting through Mayur Sirdesai).

Of the total issue, retail investors can bid for 10 percent of the net offer and non-institutional and qualified institutional buyers can bid for 15 and 75 percent of the issue, respectively.

The company aims to use the proceeds from the IPO to finance the cost of diagnostics centres in Punjab, Karnataka, Himachal Pradesh, and Maharashtra. A portion of the proceeds will also go towards general corporate expenses and a separate portion will be used to repay the borrowings from lenders.

Most brokerages have recommended a ‘subscribe’ rating for the IPO on the backs of strong operations and financials.

Also Read | Windlas Biotech IPO subscribed 89% so far on Day 1; retail portion fully booked

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Krsnaa Diagnostics IPO opens. Should you subscribe?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The initial public offer (IPO) of Krsnaa Diagnostics will open for subscription today. The subscription will begin in the price band of Rs 933-954 per equity share.

The issue comprises a fresh issue of shares worth Rs 400 crore and an offer for sale (OFS) of shares worth Rs 813.3 crore.

Krsnaa Diagnostics is one of the largest differentiated diagnostic service providers in the country. Its range of services includes imaging, pathology/clinical labs, and teleradiology services. The domestic lab chain offers services to the public, private hospitals, community health centres, and medical colleges.

Its OFS consists of a sale of 16 lakh shares by PHI Capital Trust-PHI Capital Growth Fund-I, 33 lakh shares by Kitara PIIN 1104, 35 lakh shares by Somerset Indus Healthcare Fund I, and 21,380 by Lotus Management Solutions (acting through Mayur Sirdesai).

Of the total issue, retail investors can bid for 10 percent of the net offer and non-institutional and qualified institutional buyers can bid for 15 and 75 percent of the issue, respectively.

Also Read | Krsnaa Diagnostics IPO to open today; key things you should know

Shares worth Rs 20 crore are reserved for the employees who will get a discount of Rs 93 per share on the final issue price.

The company aims to use the proceeds from the IPO to finance the cost of diagnostics centres in Punjab, Karnataka, Himachal Pradesh, and Maharashtra. A portion of the proceeds will also go towards general corporate expenses and a separate portion will be used to repay the borrowings from lenders.

Most brokerages have recommended a ‘subscribe’ rating for the IPO on the backs of strong operations and financials.

Anand Rathi

The company has strong business operations, which are reflected in its financials, the brokerage said. “It has exhibited a strong CAGR on sales front over FY19-21, predominantly led by volumes and partially on the back of pricing,” it said.

It has demonstrated consistent growth in terms of adjusted EBITDA and revenue. It had reported a profit of Rs 184.93 crore in FY21 against a loss of Rs 111.95 crore in FY20. Its net revenue from operations increased at an annual rate of 37.65 percent during FY19-21.

Further, the brokerage said, on FY21 earnings basis, the company is trading below the industry average of 85.99x.

“We believe that strong balance sheet position, and healthy operating cash flows will enable them to pursue growth opportunities and also fund their strategic initiatives,” the brokerage said.

It recommends a ‘subscribe’ on the issue.

Also Read | Windlas Biotech IPO opens for subscription; should you invest?

Religare Broking

Krsnaa is well placed to benefit from growing industry trends on the back of its scale, strong brand equity, and extensive footprints across India, the brokerage said in a note.

Its financial position has been healthy. This combined with its PPP agreements and plans to expand its network of centres gives it promising growth prospects, it said.

“With promising industry growth prospects coupled with company’s strong execution track record, we have a positive on the company for a long term,” it said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Krsnaa Diagnostics raises Rs 537 crore from anchor investors ahead of IPO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Krsnaa Diagnostics on Tuesday said it has collected Rs 537 crore from anchor investors ahead of its initial share sale, which opens for public subscription on Wednesday.

The company has decided to allocate 56,28,937 equity shares to 44 anchor investors at Rs 954 apiece, aggregating to Rs 537 crore, according to a circular uploaded on BSE website.

Avendus, HSBC Global, Nomura, HDFC Life Insurance Company, Max Life Insurance Company, Reliance General Insurance Company, Elara India Opportunities Fund, Tata Mutual Fund (MF), ICICI Prudential MF, SBI MF and Kotak MF are among the anchor investors.

The IPO comprises 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. As part of the OFS, 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.

The issue, with a price band of Rs 933-954 a share, will open for public subscription on August 4 and conclude on August 6. At the upper end of the price band, the IPO is expected to mobilise Rs 1,213.3 crore.

Proceeds from the fresh issue will be used for financing the cost of establishing diagnostics centres in Punjab, Karnataka, Himachal Pradesh, and Maharashtra; repayment of loans availed by the company and general corporate purposes.

The company said investors can bid for a minimum of 15 equity shares and in multiples of 15 thereafter. Krsnaa Diagnostics provides 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 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. JM Financial Ltd, DAM Capital Advisors Ltd, Enquires Capital Pvt, and IIFL Securities are merchant bankers to the issue.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow