India’s one of the largest diagnostic laboratories chain centers, Thyrocare Technology is opting for Initial Public Offering through 480 crores INR which will be raised at share market. The total number of equity shares 10,744,708 will be sold at Rs. 10 each for cash, amounting the complete in hundred of crores. The opening would take place on April 27, 2016 Wednesday and subsequently be closed by April 29, 2016 Friday.
The companies’ existing shareholders A Velumani HUF, Anand Velumani, Sundararaju HUF, and Agalia Private Limited will come forward to sell the share in an Initial Public Offering (IPO). The estimated price raised from the share market may be 420 INR to 465 INR as the settled price band but it might be that the band rises up to 480 crores INR.
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The sole motto of such public offering is that it is developing and building a molecular based imaging center for cancer therapy. Likewise companies Dr. Lal Path Labs, SRL Diagnostics, Metropolis Healthcare and Apollo Clinics have already offered its equity shares and thus, have developed new imaging centres and public healthcare centers for the betterment of the nation. Competitors working in same field opt for humanitarian approach. The listed companies opted for IPO made it to stock exchange too, though few of them, such as Alkem Laboratories, Dr. Lal Path Labs, Narayana Hrudayalaya and stock exchange listed HealthCare Global Enterprises.
The company will execute almost 69% shares to the share or capital market through the help of promoters and promoting firm.. It is planning to list its shares on Bombay Stock Exchange as well as National Stock Exchange. The opening of IPO is managed by JM Financial Institutional Securities, Edelweiss Financial Services and ICICI Securities.