4 IPOs open on August 4: Krishna Diagnostics, Windlass Biotech, Devyani International and Exar Tiles
The four IPOs will open for subscription on Wednesday (August 4). These include Initial Public Offerings (IPOs) of Windlass Biotech, Devyani International, Krishna Diagnostics and Exaro Tiles. Buoyed by bumper listings of Swachh Science & Technology, GR Infraprojects, Zomato and Tatva Chintan Pharma Chem, the four companies are looking forward to their turn to make a strong start on Dalal Street.
Let’s take a look at the four IPOs that will open for subscription this week:
Krishna Diagnostics IPO: Aug 4 to 6; Price Band Rs 933-954
Krishna Diagnostics said it has fixed a price band of Rs 933-954 per share for an initial share sale of Rs 1,213 crore. The three-day IPO will open for public subscription on August 4 and end on August 6. The IPO consists of fresh issue of equity shares worth Rs 400 crore and Offer for Sale (OFS) of 8,525,520 equity shares by its existing shareholders.
As a part of the OFS, Fee Capital will sell 1.6 million equity shares, Kitara will sell 33,40,713 equity shares, Somerset Indus Healthcare Fund I Limited will offer 35,63,427 equity shares and Lotus Management Solutions will sell 21,380 equity shares. At the upper end of the price band, the IPO is expected to raise Rs 1,213.3 crore. The proceeds from the fresh issue will be used to finance the cost of setting up diagnostic centers in Punjab, Karnataka, Himachal Pradesh and Maharashtra; Repayment of loans taken by the company and for general corporate purposes.
The company said investors can bid for a minimum of 15 equity shares and thereafter in multiples of 15.
Krishna 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 centers across 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 centers offering both radiology and pathology services in 13 states across the country.
Windlass Biotech IPO: August 4-6; Price band at Rs 448-460
Pharmaceutical formulation maker Windlass Biotech has fixed a price band of Rs 448-460 per share for its initial share sale. The three-day initial public offering (IPO) will open on August 4 and end on August 6. The IPO consists of an offer for sale of equity shares of Rs 165 crore and 5,142,067 equity shares. As a part of the OFS, Vimala Windlass will sell 11.36 lakh equity shares, and investor Taino India Private Equity Fund II will sell 40,06,067 equity shares. At the upper end of the price band, the initial share-sale will fetch Rs 401.53 crore.
The proceeds from the IPO will be used to purchase equipment required for expansion of the facility at Dehradun Plant-IV and to add injectable dosing capacity at the facility at Dehradun Plant-II. It will also be used for financing incremental working capital requirements, repayment/prepayment of certain borrowings and for general corporate purposes.
Half of the issue size is reserved for Qualified Institutional Buyers (QIBs), 35 percent for retail investors and the remaining 15 percent for non-institutional investors.
Devyani International IPO: August 4-6; Price band at Rs 86-90
Devyani International, the largest franchisee of Pizza Hut, KFC and Costa Coffee in India, has fixed a price band of Rs 86-90 per share for its initial share sale of Rs 1,838 crore. The three-day initial public offering (IPO) will open for subscription on August 4. The IPO consists of fresh issue of equity shares worth Rs 440 crore and offer for sale of 155,333,330 equity shares by the promoter and existing shareholder. Under the offer-for-sale, Dunearn Investments (Mauritius) Pte Ltd, a wholly owned subsidiary of Temasek Holdings, will sell 6,53,33,330 shares and promoter RJ Corp will sell 9 crore shares. The offer includes a reservation of up to 5.50 lakh equity shares for the employees of the company. Also, 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional buyers and the remaining 10 per cent for retail investors.
Investors can bid for a minimum of 165 equity shares and thereafter in multiples of 165 equity shares. The IPO is expected to fetch Rs 1,838 crore at the upper end of the price band.
The proceeds from the fresh issue will be used for meeting loans and general corporate purposes. Devyani International is a subsidiary of RJ Corp, the largest bottling partner of food and beverage (F&B) major PepsiCo, and has interests in the Indian retail F&B sector. The company is the largest franchisee of Yum Brands, which operates its own brands such as Wang’o, Food Street, Masala Twist, Ile Bar, Amreli and Krush Juice Bar, apart from leading brands such as Pizza Hut, KFC, Costa Coffee. It currently operates 297 Pizza Hut stores, 264 KFC stores and 44 Costa Coffee in India as of March 2021.
Devyani International is led by Ravi Kant Jaipuria, promoter of RJ Corp, and Virag Joshi, chairman and CEO, who has been the principal strategist for the company’s expansion efforts.
Exxaro Tiles IPO: August 4 to 6; Price band at Rs 118-120
Axaro Tiles, a leading manufacturer of vitrified tiles, on Friday said it has fixed a price band of Rs 118-120 per share for its initial share sale. The three-day initial public offering (IPO) will open on August 4 and end on August 6. Offer for sale of 22,38,000 equity shares by Dixitkumar Patel. The IPO at the upper end of the price band will fetch Rs 161.08 crore.
The proceeds from the fresh issue will be used for repayment/prepayment of loans, for general corporate purposes besides meeting its working capital requirements. Promoted by Mukesh Kumar Patel, Dineshbhai Patel, Rameshbhai Patel and Kirankumar Patel, Exxaro Tiles is primarily engaged in the business of manufacturing and marketing vitrified tiles used for flooring solutions for residential and commercial sectors. It currently has a dealer network of over 2,000 across 27 states.
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