Thy­ro­care IPO re­ceives huge re­sponse, sub­scribed 73 times

The Financial Express - - MONEY & MARKETS - Fe Bureau

Mum­bai, April 29: The ini­tial pub­lic of­fer­ing (IPO) of Thy­ro­care re­ceived as­tound­ing re­sponse from in­vestors as the is­sue was over­sub­scribed more than 73 times on the back of strong in­ter­est from in­sti­tu­tional in­vestors. More than 55 crore bids were re­ceived for the of­fer­ing across the stock ex­changes against 75.21 lakh shares on of­fer.

The in­sti­tu­tional por­tion was sub­scribed a lit­tle more than 73 times as 15.72 crore bids were re­ceived against 21.49 lakh shares on of­fer. The re­tail book of the share sale was sub­scribed 8 times. In­di­vid­ual in­vestors bid for 3 crore shares against 37.61 lakh shares re­served for the cat­e­gory.

On the other hand, non-in­sti­tu­tional por­tion of the is­sue was sub­scribed 225 times as high net worth in­di­vid­u­als (HNIs) bid for 36.3 crore shares against 16.12 lakh shares on of­fer.

Last week, the com­pany had raised Rs 143.76 crore by al­lot­ting a lit­tle more than 32.2 lakh shares to an­chor in­vestors. Fifteen in­vestors in­clud­ing No­mura, Mer­rill Lunch Cap­i­tal Mar­kets Es­pana, DSP Black­rock and HD- FC MF were al­lot­ted shares of Thy­ro­care at Rs 446 apiece.

Thy­ro­care fixed a price band of Rs 420-446 apiece for the IPO. At the up­per price band, the com­pany will raise Rs 480 crore. The com­plete is­sue is an of­fer for sale (OFS) wherein ex­ist­ing in­vestors in­clud­ing CX Part­ners are mak­ing a par­tial exit.

The book run­ning lead man­agers for the is­sue are ICICI Se­cu­ri­ties, Edel­weiss Fi­nan­cial Ser­vices and JM Fi­nan­cial.

Thy­ro­care re­ported con­sol­i­dated to­tal rev­enue of Rs 180 crore in the first nine months of FY16, while its profit af­ter tax was Rs 40 crore. In FY15, the com­pany had re­ported a profit af­ter tax of Rs 43 .25 crore. Given this profit num­ber, the com­pany is com­mand­ing ear nings mul­ti­ple of 51 and 54 times for the up­per and lower price range.

Re­cently, Dr Lal Path­Labs, which got listed in De­cem­ber 2015, was also priced at an ear nings mul­ti­ple of 47 to 48 times based on its FY15 ear nings. The is­sue was over­sub­scribed 33 times and zoomed as much as 50% on its list­ing day.

Thy­ro­care Tech­nolo­gies com­petes with di­ag­nos­tic chains such as Dr Lal Path­Labs, SRL Di­ag­nos­tics, Me­trop­o­lis Health­care and Apollo Clinic.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.