Thyrocare makes grand debut on BSE; shares surge over 49%

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

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

At the National Stock Exchange (NSE), it opened the day at Rs 665, surging 49.10% as compared to the issue price.

At 1059 hours, the company shares were trading at Rs 626.50, up Rs 180.50 or 40.47% on the BSE. On the National Stock Exchange (NSE), the shares were trading at Rs 628.00, down Rs 37.00 or 5.56%. 

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.