Thyrocare market debut a scorcher, stock spikes 39 pc

Shares of diagnostics company Thyrocare Technologies made a splendid debut at bourses today, notching up nearly 39 per cent gains at the close over the issue price of Rs 446.
The stock after listing at Rs 662, a sharp gain of 48.43 per cent over the issue price, ended the day at Rs 618.10, up 38.59 per cent, on BSE.
Intra-day, it zoomed 49.19 per cent to Rs 665.40.
On NSE, it soared 38.74 per cent to close at Rs 618.80.
This is the biggest gain by any company on its market debut so far this year.
The company's market valuation currently stands at Rs 3,320.65 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 on April 27-29.
The firm, which runs a diagnostics laboratory chain, has come out with the 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 in March.

Meanwhile, the broader market also put up a strong show as the Sensex soared 460.36 points to end at 25,688.86.