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Thyrocare Technologies Ltd IPO - Technical Analysis

Thyrocare Technologies Ltd, one of the leading pan-India diagnostic chains, is coming up with its IPO between April 27, 2016 to April 29, 2016. A research report by Crisil estimates the wellness and preventive diagnostic services segment was worth Rs 37,700 crore in 2014-15 and is expected to grow at a CAGR of close to 25 per cent over the next three fiscal years to Rs 58,500-61,600 crore.

IPO Issue Details:
  • Issue Opens: April 27, 2016
  • Issue Closes: April 29, 2016
Price Band is between Rs 420- Rs 446.

Company Background:
  • Thyrocare is one of the leading pan-India diagnostic chains and conduct an array of medical diagnostic tests and profiles of tests that center on early detection and management of disorders and diseases.
  • Wide geographic reach in 466 cities and 24 states and one union territories through 1,041 Authorized Service Providers (ASPs).
  • Fully automated Central Processing Laboratory ("CPL") in Navi Mumbai and has received accreditation from CAP, NABL and ISO and houses India's first and world's longest track automation system.
  • Have conducted tests with a daily average of of approximately 95,610 in Fiscal 2014 to approximately 131,073 in Fiscal 2015 and approximately 159,350 in the nine months ended December 31, 2015.
Whether one should go for this IPO?

Thyrocare competes with diagnostics chains such as Dr Lal PathLabs, SRL Diagnostics, Metropolis Healthcare and Apollo Clinic. Market has given a PE valuation of 69 to Dr Lal Path Lab IPO and seeing the same valuation stock seems to be valued upwards of 600, leaving good money on the table for the investors post listing. So, consider going for the IPO as market has been tested for this type of services. However remember that the offer for sale is essentially to enhance the company's brand name and provide liquidity to existing shareholders. The company will not receive any proceeds from the offer.

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