Thyrocare Technologies public offering to raise Rs 480 cr

New Delhi : Diagnostics company Thyrocare Technologies will hit the capital markets tomorrow to raise about Rs 480 crore through an initial public offering.

The company's IPO is scheduled to close on April 29.

The firm, which runs a diagnostics laboratory chain across the country, will come out with a public issue of up to 10,744,708 equity shares of Rs 10 each for cash.

These shares would be sold by the company's existing shareholders including A Velumani HUF, Anand Velumani, Sundararaju HUF and Agalia Private Ltd.

It has fixed a price band of Rs 420 to Rs 446 for the IPO. The company will garner around Rs 479.21 crore at the upper end of the price band.

Thyrocare competes with diagnostics chains such as Dr Lal PathLabs, SRL Diagnostics, Metropolis Healthcare and Apollo Clinic. It is developing a network of molecular imaging centers for cancer diagnosis.

After the completion of the offer, the promoters and the promoter group will own approximately 63.96 per cent of equity share.

The company has proposed to list its shares on both BSE and NSE. The issue is being managed by JM Financial Institutional Securities, Edelweiss Financial Services and ICICI Securities.

Several healthcare firms like Alkem Laboratories, Dr Lal PathLabs and Narayana Hrudayalaya had hit the capital market last year, while HealthCare Global Enterprises got listed on the stock exchanges last month.