Indian diagnostics company Thyrocare, which touts itself as "the world's largest thyroid testing laboratory," is planning an IPO on the Indian stock market by the end of June with hopes of raising between $85 million and $100 million.
The news comes amid reports that two other Indian diagnostics companies, SRL Diagnostics and Dr Lal PathLabs, are considering listing on the stock market as well, demonstrating growing demand for testing in the fast-growing economy.
None of the long-anticipated IPOs has occurred yet. In fact, LalPath labs was planning one as long ago as 2007.
Thyrocare says it has a presence in 2,000 localities in India and internationally. Its diagnostics lab is located in Navi, Mumbai, near the commercial hub of Mumbai.
According to the company website, Thyrocare offers 192 diagnostic tests, most notably that for thyroid stimulating hormone to test for hypothyroidism, hyperthyroidism and other disorders of that organ located in the throat.
Thyrocare says it uses the latest technology at its automated facility, such as barcodes to identify every sample. The company uses equipment made by several industry bigwigs, including Siemens, Roche ($RHHBY), Abbott ($ABT) and Thermo Fisher ($TMO) to perform test methodologies like chemiluminescence immunoassay (CLIA) and enzyme-linked immuno-sorbent assay (ELISA).
More than 30,000 samples are processed every night, many of which arrive via air cargo, the company says.
Reuters reports that a quarter of the company's shares are expected to be sold during the IPO. It is not known if the listing is planned on the National Stock Exchange or the Bombay Stock Exchange.