27 April 2016

Subscribe to Thyrocare Technologies IPO: HEM Securities

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Company is one of the leading pan-India diagnostic chains and conduct an array of medical diagnostic tests and profiles of tests that center on early detection and management of disorders and diseases. As of February 29, 2016, co offered 198 tests and 59 profiles of tests to detect a number of disorders, including thyroid disorders, growth disorders, metabolism disorders, auto-immunity, diabetes, anemia, cardiovascular disorders, infertility and various infectious diseases. Co's profiles of tests include 16 profiles of tests administered under its “Aarogyam” brand, which offers patients a suite of wellness and preventive health care tests. Co primarily operate its testing services through a fully-automated CPL(Central Processing Laboratories) and have recently expanded its operations to include a network of RPLs (Regional Processing Laboratories). Since the opening of co's RPLs in 2015, co have seen an increase in the volume of tests that it have conducted from a daily average of approximately 95,610 in Fiscal 2014 to approximately 131,073 in Fiscal 2015 and approximately 159,350 in the nine months ended December 31, 2015. Through its wholly owned subsidiary, NHL, co operate a network of molecular imaging centers in New Delhi, Navi Mumbai and Hyderabad, focused on early and effective cancer monitoring. Co's CPL, which is located in Navi Mumbai, is equipped with automated systems, diagnostic testing instruments and processes from leading international and Indian healthcare brands. The CPL is fully automated and driven by a barcoded and bi-directionally-interfaced system and an LIS. The CPL meets international standards of quality and has received global accreditations from CAP, the NABTCL and the ISO. Co commenced setting up RPLs in 2014, and opened four RPLs in 2015 with one in each of New Delhi Coimbatore, Hyderabad, and Kolkata and opened an RPL in 2016 in Bhopal, which process samples sourced from their respective regions. Co collect samples through a pan-India network of authorized service providers comprised of TAGs(Thyrocare Aggregators) and TSPs (Thyrocare Service Provider(s)), which operate under franchise agreements with company. OBJECTS OF ISSUE The objects of the Offer are to achieve the benefits of listing the Equity Shares on the BSE and the NSE and to carry out the sale of up to 10,744,708 Equity Shares by the Selling Shareholders.

Valuation The company is bringing the issue at price band of Rs 440-446 per share which will convert into p/e multiple of 42-45 per share on post issue 9m FY16 annualized eps of Rs 9.94 per share. The company with portfolio of specialized tests and an emphasis on wellness and preventive healthcare has pan-India collection network supported by logistics capabilities and information technology infrastructure. Also, co's multi-lab model drives volume growth and economies of scale with capital efficiencies in its diagnostic testing business. Looking after strong financial performance & bright business prospects of company , we recommend "Subscribe" the issue.

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