Thyrocare Tech IPO subscribed 2.24 times

Coimbatore: The initial public offering (IPO) of Thyrocare Technologies, a diagnostic chain with a national presence, was fully subscribed on Thursday. The IPO, which received bids for 56% of the issue size on Wednesday, got bids for 2.24 times the shares on offer on Thursday, NSE data on cumulative bids showed.
The issue received bids for about 1.68 crore shares against a total issue size of around 75.21 lakh shares.The company is offering shares worth up to 480 crore (451 crore at the lower end of the price band).
The price band for the IPO, which closes on Friday, has been set at 420-446.
The retail quota was subscribed 1.40 times while the quota for non-institutional investors (NIIs) and qualified institutional buyers (QIBs) was subscribed 0.12 times and 0.17 times respectively on the NSE. The retail quota was subscribed 2.17 times, the NII quota by 0.31 times and QIBs portion by 1.06 times on the BSE.
A total of 50% of the quota, or 240 crore worth of shares (at the upper end of the price band), is reserved for QIBs, 35% for retail individual investors, while the remaining 15% is reserved for NIIs.
“At a price band of 420-446, the issue is priced at 47.7- 50.7 times price-earnings (PE) ratio for 2014-15 consolidated earnings per share (EPS) of 8.8 and 30-32 times EV/EBIDTA,” Motilal Oswal Securities said in a note.
“The valuations at the offer price are similar to that offered in the public issue of recently listed comparable players like Dr. Lal Pathlabs,” the brokerage said. Angel Broking said it is neutral on the IPO as it does not see much upside after the issue.