 "Diagnostic firm Thyrocare plans IPO by Feb, looks to expand to BRICS")
Leading diagnostic laboratoriesplayer Thyrocare Technologies today said it is coming out withan IPO in February 2015 to allow its private equity fund anexit route.
“Private equity fund CX Partners has 27 percent stake,would dilute 25 percent and retain two percent. Other two
partners - NVP and ICICI Emerging funds - having 10 percentand 3 percent stakes, respectively, will retain their stake,” saidThyrocare Tech founder and Chief Executive Officer A Velumani in Mumbai.
[caption id=“attachment_63480” align=“alignleft” width=“380”]  Reuters[/caption]
“We are looking at giving our investors an exit routethrough offer for sale. We are exploring an Initial PublicOffering by February 2015 and are currently preparingourselves for the process. It will be some time before we canappoint bankers,” he said.
Commenting on valuation, Velumani said, the market willdecide the valuation, which is likely to be between Rs 1,800crore and Rs 2,200 crore.
The company has registered a turnover of Rs 160 crore andgrowing at 20 percent per annum, Velumani said.
Thyrocare Technologies has presence in more than 2,000cities and towns in India. It has a focus on providing qualityat affordable costs to laboratories and hospitals in India andother countries.
Commenting on overseas expansion plans, Velumani said ithas centres in Bahrain and Bangladesh, and is now lookingat expanding in BRICS (Brazil, Russia, India, China, SouthAfrica) countries to provide cost effective solutions.
India’s pathology testing market is estimated at Rs 40,000crore per annum and has huge potential to grow, he said.
Meanwhile, the company today installed the world’s longestlab automation track, ‘Aptio’, in Mumbai with technology fromdiagnostics division of Siemens Healthcare.The installation at Thyrocare is 93.5 meter long, which iscurrently the longest in the world.Various intelligent features in the solution will allowThyrocare to perform approximately 200,000 tests per dayinvolving both immunoassay and chemistry.
PTI
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