India's CX Partners to IPO Thyrocare

Thyrocare is looking to raise $85 million to $100 million and plans to list on both the Bombay Stock Exchange and the National Stock Exchange of India.

CX Partners-owned diagnostics company Thyrocare Technologies has filed for an IPO with the Securities and Exchange Board of India (SEBI) and is targeting a raise of up to $100 million.

CX Partners acquired a 30 percent stake in Mumbai-based Thyrocare in 2010 for $42 million. During its period of ownership, the firm has hired new management, identified new business lines and new tests and as improved the company’s information systems, Tarun Khanna, managing partner at CX Partners, told Private Healthcare Investor.

“The underlying operations of the business are fantastic – they don’t need to be fixed. It’s a very high quality business run by the promoter himself, A Velumani. Our firm has transformed more of the governance side of the business,” Khanna said.

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