Thyrocare Technology Limited is a pan India diagnostic chain offering an array of medical diagnostic tests which is specialist to detect and manage early health disorders. The initial public offering of the company will open on Wednesday (27th April 2016) to hit the market. The purpose of the issue is to raise as much as Rs. 480 crore .
The firm set its 35% quota to the retails investors or small investor can buy up to Rs. 168 crore worth of the company’s share in the issue. Relatively, Qualified Institutional buyers can book the worth of share i.e. Rs. 240 crore (at the upper price band). Non- institutional buyers will be eligible to buy approx. 15% quota of its issue shares.
The issue price is fixed in a band of Rs. 420-446 per share. An offer for sale includes existing private equity investors and the promoters of the company. Agalia Private limited, the subsidiary of the firm will sell about 90% of the company’s holdings. The Mauritius-based entity, which holds a stake of about 21%, is the second largest shareholder in the company. While, Norwest and Samara capital (the other private equity investors of the firm) are not ready to sell their holdings.
At the upper of the price band at Rs 446, the EPS and PE for FY2016 are Rs 9.93 and 44.90 times, respectively. At the lower end of the price band at Rs 420, the PE multiple stands at 42.29 times.
JM Financial Institutional Securities Ltd, Edelweiss Financial Services Ltd, and ICICI Securities Ltd are bankers to the public issue.
Thyrocare has run a record 1,59,350 tests in the nine months till December 31, 2015 which is against 131,073 tests conducted in FY15, and 95,610 tests conducted in the whole of FY14.
Profit of the company stood at Rs.48.4 crore on revenue of Rs.187 crore for the financial year 2014-15 as compare to a profit of Rs.46.1 crore on revenue of Rs.156.5 crore in the last financial year.
