February 26, 2015 / 11:08 AM / 5 years ago

Thyrocare Tecnologies plans IPO worth up to $100 mln - sources

MUMBAI (Reuters) - Thyrocare Technologies, which runs a large diagnostic laboratory, is planning a stock market listing by the end of June that could raise around $85 million to $100 million, two sources involved in the process told Reuters.

The company, which promotes itself as “the world’s largest thyroid testing laboratory”, is expected to file for an IPO in the next three months, the sources added, declining to be identified because the information has not been made public.

Thyrocare’s management could not immediately be reached for comment.

Around 25 percent of Thyrocare shares are expected to be sold in the IPO, which would lead to partial exits for some of its stakeholders, the sources said.

The laboratory is situated in Navi Mumbai in India’s western state of Maharashtra and operates 24 hours a day, processing over 30,000 samples daily with a turn-around time of 4-5 hours, the company said on its website.

Thyrocare has hired Edelweiss, ICICI Securities and J M Financial to manage the IPO, the sources said. The financial firms did not respond to Reuters requests for comment.

It was not immediately clear if it would list on the National Stock Exchange or the Bombay Stock Exchange or both.

Reporting by Abhishek Vishnoi and Indulal PM; Editing by Edwina Gibbs

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