Thyrocare Technologies IPO

Thyrocare Technologies IPO

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Thyrocare Technologies IPO

Thyrocare is one of the leading pan-India diagnostic chains and conducts an array of medical diagnostic tests and profiles of tests that center on early detection and management of disorders and diseases. As of February 2016, Thyrocare offered 198 tests and 59 profiles of tests to detect a number of disorders, including thyroid disorders, growth disorders, metabolism disorders, auto-immunity, diabetes, anemia, cardiovascular disorders, infertility and various infectious diseases.
Its profiles of tests include 16 profiles of tests administered under the “Aarogyam” brand, which offers patients a suite of wellness and preventive health care tests. Thyrocare primarily operates testing services through a fully-automated CPL (Central Processing Laboratory) and has recently expanded operations to include a network of RPLs (Regional Processing Laboratories). While Thyrocar’s CPL is based in Navi Mumbai, it started setting up RPLs in 2014, and opened 4 RPLs in 2015 (in New Delhi, Coimbatore, Hyderabad, and Kolkata) and another one in Bhopal in 2016.
According to the latest count as of nine months ended December 2015, Thyrocare performed 159,350 tests daily through its network that comprises presence in more than 2000 cities and towns in India and internationally. Through its wholly owned subsidiary, Nueclear Healthcare Limited, Thyrocare operates a network of molecular imaging centers in New Delhi, Navi Mumbai and Hyderabad, focused on early and effective cancer monitoring.

Thyrocare Promoters – Dr. A. Velumani, A. Sundararaju

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Subscription Dates27-29 April 2016
Price BandINR420 – 446 per share
Issue SizeINR451.3 – 479.2 crore
Face ValueINR10 per share
Minimum Bid33 shares
Retail Allocation35%
Listing OnBSE, NSE
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The IPO is an offer for sale (OFS) and Thyrocare will not receive any proceeds from the IPO.

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Name of shareholderEquity SharesPercentage (%)
Dr A Velumani14,809,31727.57
Agalia11,294,54021.02
Thyrocare Publications6,534,50012.16
NVP5,064,8809.43
A Sundararaju HUF2,596,5404.83
SIPL1,576,4152.93
MAPL1,260,0002.35
A Velumani HUF1,091,8282.35
Samara Capital Partners Fund I Limited1,089,0522.03
Total50,534,87294.07
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Thyrocare’s standalone financial performance (in INR crore)
 FY2011FY2012FY2013FY2014FY2015
Total revenue81.2114.1139.9156.5187.0
Total expenses43.562.174.187.6117.5
Profit/(loss) after tax24.834.956.846.148.4
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Thyrocare Technologies IPO Subscription Details

CategoryShares offeredSubscription (No. of times)
Day 1 (at 5 PM)Day 2 (at 5 PM)Day 3 (at 6 PM)
QIB  2,148,942 0.11 1.24 73.17
NII  1,611,707 0.10 0.43225.30
Retail  3,760,648 1.02 3.49   8.38
Total   7,521,297 0.56 2.19  73.37
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Listing Performance of Thyrocare Technologies IPO

Bid/Offer Closing Date: 29 April 2016
Finalization of Basis of Allotment:
4 May 2016
Unblocking of funds from ASBA: 5 May 2016
Transfer of Shares to demat accounts: 6 May 2016

Listing Date: 9 May 2016

Listing Price on NSE: INR665 per share (49.1% premium over IPO price)

Closing Price on NSE: INR616.5 per share (38.2% premium over IPO price)

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18 COMMENTS

    • This website is taking forever but I got message from State Bank about fund deduction. Don’t lose heart Niladri, we have lots of good IPOs in future. We will make money in this market.

  1. Thanks to the analysis on this website I applied in ipos after a long time. Made two applications in Thyrocare and was lucky to get allotment in both. Listing of Thyrocare is on 9th, lets see if it delievrs like Dr Lal.

  2. looks good. but i dont think 1200 aayega. 200% pop is difficult. unless you are talking long term. Definitely good buy for long term if they can avoid over extending themselves and stick to fundamentals. also as their reach expands, margins will come under pressure, as it is already visible in the past 5 year results.

    thank you for the review.

  3. This looks good. hope to make some money in Thyrocare IPO after equitas listing. I’ll free funds by selling Equitas and apply for Thyrocare, this will be another Dr Lal.

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