Thyrocare Technologies, a Mumbai-based company running a chain of diagnostics centres across India, is set to hit the capital market with an initial public offer (IPO). The IPO opens on 27 April and closes on 29 April 2016. The IPO price band is Rs 420-446 per share. Thyrocare is valued at around Rs 2,400 crore and the sale would fetch Rs 480 crore.
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Thyrocare is a pan-India diagnostic chain, which conducts an array of medical diagnostic tests that center on early detection and management of health disorders. Thyrocare competes with diagnostics chains such as Dr Lal PathLabs, SRL Diagnostics, Metropolis Healthcare and Apollo Clinic. The Navi Mumbai-based operator of pathology laboratories filed its draft prospectus with the Securities and Exchange Board of India (Sebi) on 31 December 2015. It received approval on 24 February.
The company posted revenue compounded annual growth rate (CAGR) of over 23 per cent from FY11 to Rs 180 crore in FY15 and Rs 114 crore in the first half of FY16. The earnings (EBITDA) CAGR of nearly 20 per cent has resulted in operating profits of Rs 73 crore in FY15 and Rs 49 crore in the first half of FY16.