facebook-page-view
Advertisement

Thyrocare files draft IPO papers

By Joseph Rai

  • 31 Dec 2015
Thyrocare files draft IPO papers

Thyrocare Technologies Ltd, India's largest thyroid testing company, has filed draft papers with market regulator Securities and Exchange Board of India for its initial public offering (IPO), founder and CEO A Velumani told VCCircle.

“The market is good for anyone. Better for healthcare. Best for diagnostics,” Velumani said.

VCCircle first reported the company's plan to file IPO papers last week.

Advertisement

The proposed issue size is Rs 400 crore and the shares will be sold through the offer-for-sale route, he added.

Velumani will sell 1 per cent of his stake while investor CX Partners will offload 19 per cent of its 21 per cent stake. Other investors Norwest Venture Partners, Emerging India Fund and Samara Capital will stay put with their holding.

JM Financial, Edelweiss and ICICI Securities are the investment bankers for the issue.

Advertisement

The DRHP filing comes just days after diagnostics chain Dr Lal PathLabs made a spectacular stock market debut with its shares closing 50 per cent higher from the issue price of Rs 550.

With Thyrocare in the queue, market leader SRL may also relook at its pending IPO.

India's IPO market rebounded strongly this year and a string of healthcare firms have floated or filed for public issues.

Advertisement

Drugmaker Alkem Laboratories also listed its shares simultaneously with Dr Lal PathLabs in another strong listing.

In August, shares of Biocon Ltd's contract research and manufacturing subsidiary, Syngene International Ltd, were listed at a premium of 18 per cent to their issue price of Rs 250. The company's shares have risen over 30 per cent since the listing.

Hospital chain operator Narayana Hrudayalaya Pvt Ltd floated its IPO this month that was oversubscribed seven times.

Advertisement

The buzz around public floatation is likely to continue next year with Bangalore-based HealthCare Global Enterprises Ltd set to launch its IPO in January.

Share article on

Advertisement
Advertisement