Stock Market

First day, big show: Thyrocare gains 39% over its issue price

Chillicious Team

Rejoicing after a stellar debut at the bourses, Thyrocare Technologies ended the day with 38.7 percent gains over its issue price of Rs 446 per share. The stock ended at Rs 618.80 per share, hitting intraday high of Rs 665 and an intraday low of Rs 605.80 on the NSE.

The diagnostics company debuted at Rs 665 per share on the NSE, 49 percent premium to its issue price at Rs 446. However, the stock fell around 7 percent from its opening price.

Market capitalisation of the new kid in the block stands at Rs 3,320.65 crore as of May 9.

The initial public offering (IPO) of Thyrocare was oversubscribed 73.55 times in a price band of Rs 420-446. The issue was open for bidding from April 27-29.

Thyrocare competes with diagnostics chains such as Dr Lal PathLabs, SRL Diagnostics, Metropolis Healthcare and Apollo Clinic. Thyrocare Technologies conducts 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, it 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.