Thyrocare sees blockbuster listing; shares zoom over 49%

Shares of diagnostics company Thyrocare Technologies made a blockbuster debut at the bourses today, skyrocketing more than 49 per cent over the issue price of Rs 446.

The stock listed at Rs 662, reflecting a huge premium of 48.43 per cent over the issue price on BSE. At the trade progressed, the stock touched a high of Rs 665.40, soaring 49.19 per cent.

At NSE, it opened the day at Rs 665, surging 49.10 per cent as compared to the issue price.

The company's market valuation now stands at Rs 3,299.43 crore.

The Rs 479.21-crore initial public offering (IPO) of Thyrocare was oversubscribed a whopping 73.55 times in a price band of Rs 420-446.

The issue was open for bidding from April 27-29.

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

JM Financial Institutional Securities, Edelweiss Financial Services and ICICI Securities managed the issue.

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 in March.