Krsnaa Diagnostics
Mainboard₹1,213 Cr issue
+7.44%
Listing gain over issue price
Issue size
₹1,213 Cr
1 lot at cut-off
₹14,310
Lot size
15shares
Open
04 Aug 2021
Close
06 Aug 2021
Allotment
11 Aug 2021
Listing
16 Aug 2021
Listing performance
Issue price
₹954
Listed at
₹1,025
Listing-day close
₹990.75
Latest price
₹498.40
Close on 23 Oct 2026
Listing gain
+7.44%
Return since issue
-47.76%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 04 Aug 2021 – 06 Aug 2021
- Listing date
- 16 Aug 2021
- Face value
- ₹5 per share
- Issue price
- ₹954 per share
- Lot size
- 15 shares
- Total issue size
- ₹1,213 Cr
- Market cap at offer price
- ₹2,996 Cr
- Promoter holding
- 29.53% → 25.57% pre-issue → post-issue
- ISIN
- INE08LI01020
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Dam Capital Advisors Ltd.
- Registered office
- S.No.243, A-Hissa No.6, CTS No.4519, 4519/1, Chinchwad, Taluka Haveli, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 56,28,937 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 15 shares per lot, in multiples, at ₹954
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 15 | ₹14,310 |
| Retail (max) | 13 | 195 | ₹1,86,030 |
| S-HNI (min) | 14 | 210 | ₹2,00,340 |
| S-HNI (max) | 69 | 1,035 | ₹9,87,390 |
| B-HNI (min) | 70 | 1,050 | ₹10,01,700 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
56,28,937
Anchor portion
₹537 Cr
at ₹954 per share
Valuation and performance
Valuation at offer price
₹954 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹2,996 Cr |
About Krsnaa Diagnostics
Krsnaa Diagnostics Limited provides technology-enabled diagnostic services including imaging (radiology), pathology/clinical laboratory testing, and tele-radiology services to public and private hospitals, medical colleges, and community health centres across India. Incorporated in 2010 and converted to a public limited company in 2021, the company operates an extensive network of diagnostic centres and derives a substantial portion of its revenue from contracts with public health agencies under public-private partnership models. The company has positioned itself as the largest presence in the diagnostic PPP segment in India, generating revenue of ₹3,964.56 million in Fiscal 2021.
Company Analysis
from RHPKrsnaa Diagnostics Limited is one of India's largest differentiated diagnostic service providers offering imaging, pathology, and tele-radiology services with a major focus on public-private partnership diagnostics across 13 states.
Krsnaa Diagnostics Limited provides technology-enabled diagnostic services including imaging (radiology), pathology/clinical laboratory testing, and tele-radiology services to public and private hospitals, medical colleges, and community health centres across India. Incorporated in 2010 and converted to a public limited company in 2021, the company operates an extensive network of diagnostic centres and derives a substantial portion of its revenue from contracts with public health agencies under public-private partnership models. The company has positioned itself as the largest presence in the diagnostic PPP segment in India, generating revenue of ₹3,964.56 million in Fiscal 2021.
diagnostic healthcare servicesmedical imaging/radiologyclinical laboratory/pathology testingtele-radiology serviceshealthcare IT
Objects of the Issue
- Finance the cost of establishing diagnostics centres at Punjab, Karnataka, Himachal Pradesh and Maharashtra ₹1,508.10 million p.22
- Repayment/pre-payment, in full or part, of borrowings from banks and other lenders availed by our Company ₹1,460.81 million p.22
- General corporate purposes ₹817.41 million p.22
- Finance the cost of establishing diagnostics centres at Punjab, Karnataka, Himachal Pradesh and Maharashtra ₹1,508.10 million p.92
- Repayment/pre-payment, in full or part, of borrowings from banks and other lenders availed by our Company ₹1,460.81 million p.92
- General corporate purposes ₹817.41 million p.92
- Funding capex for establishment of diagnostic centres under PPP contracts with government and private healthcare providers, including purchase of medical equipment (CT scanners, MRI machines, X-ray equipment) and civil, electrical and other enabling works ₹1,508.10 million p.97
- Repayment or pre-payment of borrowings from banks and other lenders ₹1,460.81 million p.104
- General corporate purposes Up to 25% of Gross Proceeds p.106
Issue Structure
- Total Issue
- ₹12,133.35 million
- Fresh Issue
- ₹4,000.00 million (4,215,516 equity shares)
- Offer for Sale
- ₹8,133.35 million (8,525,520 equity shares)
- Price Band
- ₹933 to ₹954 per equity share
- Lot Size
- 15 Equity Shares and in multiples of 15 Equity Shares thereafter
- Face Value
- ₹5 per equity share
Business Model
The company primarily earns revenue through contracts with public health agencies under PPP arrangements and private healthcare providers. Revenue from sale of services to public health agencies represented 67.49% of total revenue from operations in Fiscal 2021 (₹2,675.70 million). The company operates diagnostic centres at fixed locations under contractual arrangements where pricing is predetermined and limited to escalation clauses. The business model involves deployment of diagnostic equipment and trained personnel at healthcare facilities, with revenue dependent on test volumes performed.
Business Segments
Provides imaging services including CT scans, MRI, X-ray and ultrasound services
Provides pathology and clinical laboratory testing services
Provides remote radiology reporting services through a tele-radiology hub in Pune
Operates diagnostic centres providing imaging services (CT, MRI, X-ray, ultrasound) and pathology testing within public and private healthcare facilities
Establishment and operation of diagnostic centres within government hospitals and health facilities to provide radiology, pathology and tele-radiology services under long-term public-private partnership agreements
Operation of diagnostic centres within private hospital premises and establishment of collaborations with private healthcare providers to deliver diagnostic imaging and pathology services
Offers a wide range of ultrasound examinations using advanced ultrasound machines and reported by qualified radiologists. Services include 2D/4D imaging, routine scans, Doppler, 2-D Echo, ultrasound-guided interventional procedures, and Colour Doppler examinations. Also operates DEXA systems for bone densitometry and provides diagnostic imaging services including MRI, CT, X-ray, ultrasound, mammography with remote review and tele-radiology capabilities.
Offers comprehensive test menu covering key disciplines of conventional and specialized lab services encompassing investigations from routine tests to highly specialized ones. Routine testing performed on whole blood, serum, plasma measuring bodily health parameters. Specialized tests include molecular diagnostics, protein chemistry, cellular immunology, flowcytometry, genetics, cytogenetics, immunohistochemistry and advanced microbiology tests including histopathology and cytopathology for cancer diagnosis.
Operates a centralized tele-radiology hub in Pune comprising 4,578 square facility with sections for 80 CT/MRI/X-Ray technologists teams, 100-member conference room and radiologists reporting area. Hub is operated by panel of expert qualified radiologists with 190 in-house and tele-reporting radiologists reporting on CT/MRI/X-ray studies from India and various countries. Provides round-the-clock services with real-time monitoring of critical findings.
Provides X Ray, CT Scan, MRI, Mammography services and all type of Blood and Urine Investigation
Provides diagnostic imaging services including X-rays, computed tomography (CT) scans, magnetic resonance imaging (MRI) scans, ultrasounds, bone mineral densitometry and mammography
Provides clinical laboratory tests with primary focus on biochemistry, haematology, clinical pathology, histopathology and cytopathology, microbiology, serology and immunology
SWOT Analysis
Strengths
- • Largest presence in diagnostic PPP segment with 77.59% bid-win rate(p.144)
- • Extensive pan-India network across 13 states with 1,823 diagnostic centres as of June 30, 2021(p.144)
- • Fastest-growing diagnostic chain in India by multiple metrics (FY17-FY21)(p.144)
- • Significant cost competitive advantage with 45-60% lower radiology and 40-80% lower pathology pricing than peers(p.144)
- • Largest customer of Wipro GE in Asia with strong vendor relationships(p.148)
- • Strong brand equity in semi-urban and rural areas with multiple industry awards(p.147)
- • Centralized tele-radiology hub in Pune capable of 126,000 CT scans, 31,500 MRIs and 1,500,000 X-rays per month(p.147)
- • Revenue growth CAGR of 37.65% from FY19 to FY21 and consistent profitability with strong cash flows(p.150)
- • Largest customer of Wipro GE in Asia(p.159)
- • Extensive diagnostic centre network across 13 states with 1,370 radiology and 487 pathology centres(p.155)
- • Advanced tele-radiology hub with 190 radiologists providing round-the-clock services(p.154)
- • Comprehensive accreditation by NABH and NABL across diagnostic centres(p.161)
- • Integrated hub-and-spoke pathology model enabling centralized testing and efficiency(p.156)
- • Strong equipment maintenance and uptime assurance through vendor partnerships(p.159)
- • Established diagnostic services portfolio with radiology and pathology capabilities(p.215)
- • Significant capital investment and modern equipment infrastructure(p.259)
- • Diversified funding sources including bank and NBFC financing(p.238)
- • Largest presence in diagnostic PPP segment with proven bidding success(p.290)
- • One of India's largest tele-radiology hubs with round-the-clock processing capability(p.290)
- • Fastest growing diagnostic chain on multiple parameters(p.290)
- • Significant pricing advantage with affordable diagnostics well below market rates(p.291)
- • Extensive integrated network across non-metro and lower tier cities(p.290)
- • Long-term PPP contracts ensuring revenue predictability(p.294)
- • Strong experienced management team with healthcare industry expertise(p.292)
- • Significant scale with 23 million patients served since inception(p.290)
Weaknesses
- • Geographic expansion risks and Yemen subsidiary loss(p.44)
- • Dependence on healthcare facility customer base(p.46)
- • Human capital intensity and labor risks(p.45)
- • Lease dependency for operational premises(p.46)
- • Accreditation loss risk(p.45)
- • Related party transaction conflicts(p.49)
- • Continued promoter control risk(p.53)
- • High dependence on PPP segment with 67.49% of FY21 revenues from public health agencies(p.143)
- • Significant indebtedness with ₹1,417.31 million as of June 30, 2021 proposed for partial repayment(p.104)
- • Limited geographic presence in only 13 of India's 28 states, with significant gaps in coverage(p.144)
- • High dependence on few large customers for revenue(p.161)
- • Significant debt burden with borrowings of ₹1,679.54 million and ₹347.44 million in non-current and current liabilities(p.208)
- • Deferred tax liability of ₹106.95 million indicating tax position exposure(p.208)
- • Concentration of diagnostic centre operations in limited geographies requiring capital expansion(p.156)
- • Significant accumulated losses and negative other equity(p.236)
- • High leverage with substantial debt obligations(p.289)
- • Dependence on complex financial instruments and fair value adjustments(p.280)
- • Credit impairment on related party advances(p.228)
- • Heavy revenue concentration from public health agencies(p.322)
- • Dependence on captive patient bases of healthcare facilities with no standalone operations(p.293)
- • Significant capital expenditure requirements for equipment and infrastructure(p.319)
- • Substantial fixed costs with equipment warranty expiry leading to higher maintenance expenses(p.295)
- • Significant debt burden with total outstanding borrowings of ₹2,317.79 million(p.295)
- • Dependence on supplier relationships with minimum purchase obligations and supply chain risks(p.294)
Opportunities
- • Geographic expansion through tender awards(p.44)
- • Growth through expansion strategy(p.48)
- • Public-private partnership model expansion(p.95)
- • PPP diagnostic market projected to grow at 14-17% CAGR to ₹125-135 billion by FY23(p.146)
- • Overall diagnostic industry expected to grow to ₹920-980 billion by FY23 at ~15% CAGR(p.131)
- • Rural diagnostics represent only 26% of industry revenue, indicating massive underpenetration opportunity(p.133)
- • Expansion into specialized diagnostics including molecular diagnostics and genomics(p.152)
- • Growth in private sector diagnostics through partnerships and standalone centers(p.151)
- • Digital transformation opportunities including AI/ML, online bookings and teleconsultation(p.152)
- • Strategic acquisitions to expand geographic footprint and service offerings(p.152)
- • Expansion through public-private partnership tender awards in new states(p.156)
- • Strategic growth through diagnostic centre establishment under PPP model(p.157)
- • Leveraging existing tele-reporting platform for national and international expansion(p.154)
- • Revenue growth through home collection services addressing convenience demand(p.155)
- • Expansion of specialized diagnostic services and molecular diagnostics offerings(p.154)
- • Expansion through Special Purpose Vehicles across new geographic regions(p.284)
- • Public-Private Partnership model for diagnostic centre establishment(p.285)
- • Tele-reporting services capability for remote service delivery(p.215)
- • Growth in revenue from operations showing recovery trajectory(p.244)
- • Large PPP diagnostics market expected to grow at 14-17% CAGR through Fiscal 2023(p.292)
- • Organic expansion through PPP partnerships and private healthcare collaborations(p.292)
- • Geographic expansion in new territories with network consolidation(p.292)
- • Growing demand for diagnostic services from increasing healthcare awareness and preventive care(p.293)
- • Expansion beyond India into international markets(p.294)
- • Free Diagnostic Service initiative from government driving PPP model growth(p.296)
Threats
- • Regulatory and industry information reliability risk(p.44)
- • Cybersecurity and IT system vulnerability(p.46)
- • Insurance coverage inadequacy(p.47)
- • Intense standalone diagnostic center competition(p.51)
- • Government policy and healthcare budget dependency(p.54)
- • Political and economic instability in India(p.55)
- • Indian economic slowdown risk(p.57)
- • Inflation impact on margins(p.59)
- • Global financial instability contagion(p.57)
- • Natural disasters and pandemic outbreak risk(p.56)
- • Government price capping on diagnostic tests could compress margins(p.149)
- • Intense competition from fragmented market with low entry barriers and unregulated sector(p.137)
- • Risk of contract non-renewal or termination after PPP agreement expiry(p.149)
- • Shortage of skilled diagnostic manpower constrains growth(p.136)
- • High costs of technology upgrades and equipment maintenance(p.137)
- • Dependence on government reimbursement timelines and payment delays in PPP model(p.126)
- • Highly fragmented and competitive diagnostic industry with major entrenched players(p.161)
- • Competitive pressure from major players with greater financial and technical resources(p.161)
- • Regulatory compliance burden under multiple clinical establishment acts and rules across states(p.165)
- • Complex regulatory requirements for radioactive material handling and disposal(p.167)
- • Dependency on reliable power supply and connectivity for tele-reporting and diagnostics operations(p.155)
- • Risk of changes to Central Government Health Scheme reimbursement rates and policies(p.166)
- • Pandemic-related operational disruptions and uncertainty(p.284)
- • Interest rate sensitivity on floating rate debt obligations(p.266)
- • Regulatory changes in employee benefits and social security(p.284)
- • Customer concentration risk creating revenue dependency(p.267)
- • Highly competitive diagnostic industry with challenges to increase market share and profitability(p.293)
- • Seasonal and disease outbreak fluctuations impacting testing volumes(p.295)
- • Significant volatility and material decline in COVID-19 testing demand uncertainty(p.295)
- • Supply chain disruptions from COVID-19 impacting equipment and testing supplies(p.295)
- • Extensive and frequently changing regulatory requirements and compliance risks(p.296)
- • Interest rate fluctuations and increasing cost of debt servicing(p.295)
- • Tender process competition and contract re-bidding after expiry(p.294)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rajendra Mutha | Promoter | 29.53% | — |
| Krsna Diagnostics (Mumbai) Private Limited | Promoter Group | 2.09% | — |
| Rajendra Mutha | Promoter | 29.53% | 25.57% |
| Rajendra Mutha | Promoter | — | — |
| Rajendra Mutha | Promoter | 29.53% | — |
| Rajendra Mutha | Promoter | 61.82% | — |
| Somerset Indus Healthcare | Promoter Group | 49.88% | — |
| Kitara PIIN 1104 | Promoter Group | 49.88% | — |
| Rajendra Mutha | Promoter/Promoter Group | — | — |
Leadership
Rajendra Mutha · Executive Chairman/Promoter
Pallavi Bhatevara · Managing Director/Executive Director
Yash Mutha · Executive Director
Pawan Daga · Chief Financial Officer
Manisha Chitgopekar · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Krsnaa Diagnostics IPO FAQs
What is the lot size of Krsnaa Diagnostics IPO?
The minimum lot size of Krsnaa Diagnostics IPO is 15 shares. One lot costs ₹14,310 at the cut-off price.
When does Krsnaa Diagnostics IPO open and close?
Krsnaa Diagnostics IPO opened for subscription on 04 Aug 2021 and closed on 06 Aug 2021.
What is the listing date of Krsnaa Diagnostics IPO?
Krsnaa Diagnostics IPO listed on 16 Aug 2021.