Thyrocare IPO sees strong demand, gets oversubscribed 73 times

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Mirroring strong investor demand, the initial public offering (IPO) of diagnostics company Thyrocare Technologies was oversubscribed 73.46 times on the last day of the offer on Friday.

The Rs 479.21-crore IPO received bids for 55.25 crore shares against the total issue size of 75,21,297 shares, as per data available till 1900 hrs.

The category reserved for qualified institutional buyers (QIBs) was oversubscribed 73.18 times, while non-institutional investors received 225.30 times subscription.

Retail investors portion was also oversubscribed 8.55 times.

The firm, which runs a diagnostics laboratory chain, has come out with a public issue of up to 10,744,708 shares of Rs 10 each.

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

Thyrocare has raised Rs 144 crore through issuance of shares to 15 anchor investors.

The shares are proposed to be listed on NSE and BSE.

The issue is being managed by JM Financial Institutional Securities, Edelweiss Financial Services and ICICI Securities.

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

Many healthcare firms like Alkem Laboratories, Dr Lal PathLabs and Narayana Hrudayalaya came out with their IPOs last year, while HealthCare Global Enterprises got listed on the stock exchanges last month.

Earlier this year, staffing firm TeamLease Services IPO had received an overwhelming response from investors as the issue was oversubscribed 66 times.