Shares of Krsnaa Diagnostics gets a tepid reception at the bourses, list at 7% premium
- Shares of
Krsnaa Diagnostics IPOlisted at over 7% premium from its price band of ₹933-954 per share.
- The IPO was subscribed 64.40 times on the last day of the bidding.
- The market capitalisation of the company stood at ₹3,281 crore.
AdvertisementShares of Krsnaa Diagnostics IPO made a decent listing on National Stock Exchange (NSE) and BSE at over 7% premium from its price band of ₹933-954 per share.
Post listing, the market capitalisation of the company stood at ₹3,281 crore, according to BSE data.
The shares of Krsnaa Diagnostics were trading at ₹1,057, 10.7% higher at 10.04 a.m., on August 6.
The grey market price of the stock had suggested around 30-33% premium over the upper price band of ₹954.
Moreover, the IPO received good demand from investors on the last day of the initial public offering (IPO) bidding process as the issue size was subscribed 64.40 times on the last day. It received bids for 45.80 crore shares as against 71.12 lakh shares on offer.
The issue was open for subscription between August 4 and August 6.
Krsnaa Diagnostics offers a wide range of 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 across India.
“We like unique and scaled business model of company. Company with its strong brand equity has extensive footprint across India with robust infrastructure. With robust revenue visibility, the company is well positioned to capitalize on healthcare spending across public and private sectors. Hence we recommend “Subscribe” on issue both for listing gains & long term perspective,” said a report by Hem Securities.
The company was looking to raise ₹1,213 crore at the higher end of the price band of ₹933-954 per share. It will use the proceeds to aid its expansion plans and set up new diagnostics centres in different parts of the country — Punjab, Karnataka, Himachal Pradesh and Maharashtra. A part of the proceeds would also be used for repayment and prepayment of loans.
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