Thyrocare Technologies IPO price band fixed at INR420-446


Thyrocare Technologies IPO will open on 27 April and investors can bid for shares in the price band of INR420 – 446 per share. The issue, comprising an offer for sale (OFS), will close on 29 April. Bids can be made for minimum 33 shares and in multiples thereafter. 35% of the 10,744,708 shares on offer will be allocated to retail investors. Lead managers for the issue are JM Financial Institutional Securities Limited, Edelweiss Financial Services Limited, and ICICI Securities Limited while Link Intime India Private Limited is the registrar.

OFS only in Thyrocare Technologies IPO

No fresh shares will be issued and all the shares will be offloaded by some of the existing shareholders. Founded by A Velumani in January 2000, Thyrocare has attracted lot of big names from private equity. Thyrocare Technologies IPO will see Agalia, A Velumani HUF, A Sundararaju HUF, and Anand Velumani cashing out of the Navi Mumbai-based diagnostics specialist. Through Agalia, CX Partners is the biggest shareholder in Thyrocare after founder A Velumani. Out of the 1.07 crore shares, 1.02 crore shares will be offered by CX Partners which has an average cost of acquisition of INR110.67 per share. This means that the PE firm will be making a nice return of 300% on its six-year old investment.

A Sundararaju HUF and A Velumani HUF will sell 180,000 shares each while another 177,236 shares will be offloaded by A Velumani’s son Anand Velumani.

Apart from CX Partners, Thyrocare also counts Norwest Venture Partners (NVP) and Samara Capital among its investors. Contrary to CX Partners, the last two will not be participating in Thyrocare Technologies IPO. NVP and Samara Capital own 9.4% and 2% equity stake respectively in Thyrocare.

Biggest shareholders in Thyrocare

Name of shareholder Equity Shares Percentage (%)
Dr A Velumani 14,809,317 27.57
Agalia 11,294,540 21.02
Thyrocare Publications 6,534,500 12.16
NVP 5,064,880 9.43
A Sundararaju HUF 2,596,540 4.83
SIPL 1,576,415 2.93
MAPL 1,260,000 2.35
A Velumani HUF 1,091,828 2.35
Samara Capital Partners Fund I Limited 1,089,052 2.03
Total 50,534,872 94.07


Strong financial performance

Thyrocare Technologies has been benefitting with the rising awareness about preventive health tests in urban clusters as well as the trend of growth in path labs. This means Thyrocare Technologies IPO will command a premium on account of its robust financial health, we plan to cover that aspect in our analysis at a later date.

Top line has been growing and although profit margins of Thyrocare have come down after peaking in FY2013 amid increasing competition, absolute profits are still very attractive.

Thyrocare’s standalone financial performance (in INR crore)

  FY2011 FY2012 FY2013 FY2014 FY2015
Total revenue 81.2 114.1 139.9 156.5 187.0
Total expenses 43.5 62.1 74.1 87.6 117.5
Profit/(loss) after tax 24.8 34.9 56.8 46.1 48.4
Net margin (%) 30.5 30.6 40.6 29.5 25.9


Keep returning to IPO Central for more on the IPO or visit this page to see what our readers have to say about it. Also, check out our review of Thyrocare Technologies IPO here before applying.


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