face value minimum order quantity ipo note - bob capital · dubai, sri lanka, nepal, africa,...

(Wholly owned subsidiary of Bank of Baroda)

Exhibit 1: Peer group comparison.

Source: Company ’s DRHP

$CompanyName$

Thyrocare Technologies Ltd.

Our View:

The company is a provider of diagnostic and related healthcare tests and

services in India and is specialised in preventive and wellness segment of the

diagnostics industry which has broader scope to grow with improving life style and health awareness among today’s generation. The penetration of lucrative

health and life insurance packages would contribute more to the growth story

of diagnostics industry going ahead. Through the company’s integrated, nationwide network, the company offers patients and healthcare providers a

broad range of diagnostic and related healthcare services for use in patient

diagnosis and the prevention of disease and other health conditions. The company plans to expand its business in TIER II and TIER III cities where there

is a huge gap between the demand and supply of healthcare services. The

company provides services at competitive and affordable prices. The company’s accreditations ensure quality in its services . The services provided

by the company need less investment which has resulted in good EBITDA

margins compared to its peers.

Company’s major competitors are Dr. LalPath Labs, SRL Diagnostics,

Metroplois, etc. But the company’s dominance in prognostic(preventive care)

services would help it to cope up with the competition.

The company has posted a revenue of Rs. 1.8bn / 1.5 bn in FY15 / FY14 and

has grown at CAGR of 18.25% over the past 5 years . The company has got

healthy EBITDA margins of 40.6%/45.8% in FY15 / FY14. The company follows an asset light model because of which the company does not have any

Long and Short Term borrowings. This leaves a lot of room for the Company to

leverage its Balance Sheet at a further date for aggressive expansion. Further, the Company has got a robust ROE of 20% / 25.2% for FY15 / FY14.

We recommend “SUBSCRIBE” to our investors as the company’s past track

record is very impressive and others cannot replicate the Company’s size and scale in the short term.

Utilization of net proceeds of the offer: The company is not issuing any

fresh equity shares which are being offered to the public. Existing investors are offering their equity shares in the company’s IPO. (This is an exit to the existing

shareholders).

Diagnostic

chain

Type of

tests

International

Presence

Domestic

Presence

Accreditations EBITDA

Margins Dr Lal Pathlabs

Pathology and imaging

Oman, Saudi Arabia, Kuwait, Nepal, Malaysia, Bangladesh, Qatar

Pan-India NABL, ISO, CAP, CDC(USA)

~28%

Metropolis Healthcare

Pathology UAE, Sri Lanka, South Africa, Kenya, Mauritius, Ghana

Pan-India NABL, ISO, CAP, CLIA (USA)

~29%

SRL Diagnostics

Pathology and imaging

Dubai, Sri Lanka, Nepal, Africa, Middle-East, Hong Kong, Maldives and SAARC countries

Pan-India NABL, ISO, CAP, ICAL, APLAC

~18%

Thyrocare Technologies

Pathology and nuclear imaging

Nepal, Bangladesh, Gulf Pan-India ISO, CAP, NAGL

~47%

IPO Note

SUBSCRIBE

Vaishali Parkar Kumar | [email protected] | +91 22 6138 9382

Hareesha Kakkera | [email protected] | +91 22 6138 9351

Issue Highlights

Issue Period Price Band

27th Apr- 29th Apr Rs. 420- 446

Issue Size No. of shares offered (MN)

Rs 4800 Mn 10.7

No. of Shares Post Issue

in MN 53.7

Distribution of shares Shares (Mn) Shares (%)

QIB Category 5.37 50%

Non- Institutional Category 1.61 15%

Retail Category 3.7 35%

Face Value Minimum Order Quantity

Rs.10 33 shares

Listing BSE & NSE

Book Running Lead Manager

JM Financial Institutional Securities Limited

Edelweiss Financial Services Limited

ICICI Securities Limited

27th April, 2016

Sector: Healthcare

mailto:[email protected]


Thyrocare Technologies Ltd. | 27 April 2016

| Equity research | 2


Indian Healthcare Industry

Breakdown of the Indian Healthcare Industry

The healthcare market in India broadly comprises the following:

1. Hospital market that stands at ₹3,800 billion as of 2014-15.

2. Pharmaceutical industry comprising the domestic demand for formulations that stands at ₹

746 billion as of 2014-15.

3. Diagnostics industry that stands at ₹ 377 billion as of 2014-15.

Exhibit 2: Healthcare market in India

Source: Company ’s RHP, BOBCAPS

The size of the Indian healthcare industry amounted to ~Rs 4.7-5.0 trillion in FY15. Over the

next three fiscal years the size of the Indian healthcare industry is expected to grow at a

CAGR of ~12-14% to reach ₹6.7-7.1 trillion in FY18. The growth is expected to be driven by

rising lifestyle-related diseases, higher penetration of healthcare services, increasing

healthcare awareness and rising disposable income in India.

A majority of India’s healthcare expenditure is private as opposed to public. The share of the

general government expenditure on healthcare in India has improved from 27% in 2000 to

32.2% in 2013. The breakdown of public and private healthcare expenditure for certain

countries in 2013, India ranks lower than other developing countries, such as Brazil, Malaysia

and China on general government expenditure on health.

Exhibit 3: Private Healthcare Expenditure vs Public Healthcare Expenditure

0

20

40

60

80

100

US

A

Au

str

alia

Ja

pa

n

UK

Bra

zil

So

uth

Afr

ica

Ma

laysia

Th

aila

nd

Chin

a

Ind

ia

%

Private Expenditure Public Expenditure

Source: Company ’s RHP, BOBCaps

In 2013, a significant portion of India’s private healthcare expenditure was in the form of out -

of-pocket expenditure, both on a percentage basis and as compared to other developing and

developed countries.

Diagnostics industry stands at ₹ 377 b illion as of 2014-15

A majority of India’s healthcare expenditure is private as opposed to public.

Healthcare market in India

Healthcare Delivery

(Hospitals)

Pharmaceuticals Industry

Medical Equipments

Health Insurance

Diagnostics Industry




Exhibit 4: Out of Pocket Expenditure as a % of Private Expenditure

0

20

40

60

80

100

Ind

ia

Ja

pa

n

Ma

laysia

Chin

a

Bra

zil

Au

str

alia

Th

aila

nd

UK

US

A

So

uth

Afr

ica

%





Indian Diagnostic Industry

Size of the Indian Diagnostic Industry

In India’s healthcare industry, diagnostic services play the role of an information intermediary,

providing useful information disease diagnosis. From FY12 to FY15, the industry grew at a CAGR

of ~16% to ~Rs 377 billion. For the next three fiscal years, it is estimated that the Indian

diagnostic industry will grow at a CAGR of ~16-18% to reach ₹ 585-616 billion in FY18.

Exhibit 5: Growth in Indian Diagnostics Industry.

15.0%

15.5%

16.0%

16.5%

17.0%

17.5%

18.0%

18.5%

0

100

200

300

400

500

600

700

2011-2012E 2014-2015E 2017-2018P

%bn

Rs

Indian Diagnostics Industry CAGR (%)

Source: Company ’s RHP, BOBCaps.

Urban vs. Rural Demand

The urban population accounted for only ~28% of the entire Indian population in FY15, but

contributed to ~67% of the revenues of Indian diagnostic market. Urban centers, particularly

metros, tier-I and tier-II cities, have better access to the healthcare delivery systems, including

hospitals, clinics, and diagnostic centers. In addition, since the urban population has a higher

disposable income, they can offer (and have a higher demand for) more advanced healthcare

services and facilities, including consuming a greater number of diagnostic tests.

Wellness and Preventive Diagnostic Services

Wellness and preventive diagnostic services are aimed at identifying pre-existing diseases or the

likely risk of particular diseases before the onset of actual symptoms. It is expected that wellness

and preventive diagnostic services will assist people to more accurately identify risks so that they

can take corrective or precautionary measures before any chronic condition substantiates. The

majority of wellness and preventive tests is aligned to either specifically screen for a chronic

disease or contain a series of tests to ascertain the overall health condition of an individual. A

majority of these wellness and preventive tests consists of biochemistry tests to screen for an

individual’s risk of chronic diseases, such as cardiovascular diseases, diabetes and cancers.

Some diagnostics service providers also offer basic imaging services, such as Xrays and

ultrasounds, in addition to pathology testing services. The wellness and preventive diagnostic

services segment accounted for ~6-8% of the aggregate diagnostic services market in the fiscal

year 2014-2015. It is expected that this segment will grow at a CAGR of close to 25% over the

next three fiscal years. The following graphs set out the estimated contribution of the wellness

and preventive diagnostic services segment to the overall diagnostic industry in the fiscal year

2014-2015 and its expected contribution in the fiscal year 2017-2018.

From FY12 to FY15, the Indian Diagnostic industry grew at a CAGR of ~16% to ~Rs 377 b illion

The wellness and preventive diagnostic services segment accounted for ~6-8%

of diagnostic industry




Exhibit 6: Growth of preventive and wellness care market.

6-8%

92-94%

2014-2015E

Wellness & Preventive Care Rest of the Market

Total MarketRs. 377bn

7-9%

91-93%

2017-2018P

Wellness & Preventive Care Rest of the Market

Total MarketRs. 585-616tn

~23- 25%


Organized vs. Unorganized Category

Diagnostic chains, which constitute the organized market, have emerged in recent years. The

organized market as constituting diagnostic service providers that offer pathology and imaging

services and operate out of more than one center, with large chains that have a pan-India

presence. These players adopt the hub and spoke model of business operations and utilize

modern logistics and information management systems to operate their network. The share of

diagnostic chains in the overall diagnostic market in India was ~15%. It is expected that the share

of diagnostic chains in the overall diagnostic market in India will grow at a CAGR of ~21-23% to

reach 16% in the fiscal year 2017-2018.

Exhibit 7: Categories of Diagnostic Centres

15% 16%

37% 37%

48% 47%

2014-2015E 2017-2018P

Diagnostic Chains Hospital Based Dianostic Centres

Standalone Diagnostic Centres

Source: Company ’s RHP, BOBCAPS

Exhibit 8: Regional Chains vs Pan India Chains

2012014-15E

60-65%

35-40%

Regional Diagnostic Chains Pan India Diagnostic Chains

2017-18P

58-63%

37-42%

Regional Diagnostic Chains Pan India Diagnostic Chains

Source: Company’s RHP, BOBCAPS

Growth Drivers for the industry:

Increase in evidence-based treatments

Need for greater health coverage as population and life expectancy increase

Demand for lifestyle diseases-related healthcare services to grow

Wide demand and supply gap.

Shift in Disease Profiles

Increase in Health Insurance Coverage

Emerging as Medical Tourism Destination

Rising Income Levels Make Quality Healthcare Services More Affordable

Diagnostic chains, which constitute the organized market, have emerged in recent years




Business Overview

The company is one of the leading pan-India diagnostic chains and conduct an array of medical

diagnostic tests and profiles of tests that centre on early detection and management of disorders

and diseases. The company has pan India presence with 1,041 authorized service providers

covering 466 cities and 24 states and one Union Territory. As of February 29, 2016, they 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. The profiles of tests include 16 profiles of

tests administered under “Aarogyam” brand, which offers patients a suite of wellness and

preventive health care tests. The company primarily operates testing services through a fully-

automated Central Processing Laboratory and recently expanded operations to include a network

of Regional Processing Laboratories.

Brands: The company has cultivated additional brands to cover variety of means of testing, tests

and profiles of tests.

Exhibit 9: The brands that it offers are listed in the table below:

Brand Name Type of Services Offered

Thyrocare Diagnostic testing

Aarogyam Wellness and preventive care

NHL Cancer monitoring

WHATERS Water testing

Sugar Scan Testing of blood glucose levels

Source: Company ’s RHP

Exhibit 10: Service Network


The company has pan India presence with 1,041 authorized service providers covering 466 cities and 24 states and one

Union Territory




Operational Model of the Company

Hub-and-spoke model

Company believes in its “hub and spoke” model, whereby specimens are collected across

multiple locations within a region for delivery to a predesignated clinical laboratory for centralized

diagnostic testing, which provides greater economies of scale and offers a scalable platform for

the continued growth of its business.

Reference lab: The reference lab is located centrally, usually in a large metropolitan

area, and also typically accumulates samples from satellite labs and collection centers

across the country. The reference labs may be equipped to conduct both routine and

specialized pathology and radiology tests. Sizes of laboratories may differ as per

equipment installed and tests analyzed or services offered, and may also include a

work area, front office, back office and a sample collection area.

Satellite Labs: Satellite labs offer a limited range of services. They mainly act as

feeders for reference labs. Satellite labs may be either owned or franchised by a

diagnostic chain company.

Collection Centers: Collection centers are located in hospitals, nursing homes,

pathology labs, doctors’ clinics, prime commercial properties and reta il spaces, among

other places. Collection centers may be company-owned or franchised. A franchisee

usually pays a franchise fee, around Rs. 30,000-50,000, to get the license to operate a

collection center for a satellite lab. Typically, the collection centers are mainly involved

in the collection and forwarding of patient samples to a satellite or reference lab.

However, the collection centers of certain chains may also be equipped to conduct

some basic tests. The centers usually have basic equipment in the form of a refrigerator

and a centrifuge, and employ minimal staff, such as a receptionist, lab technician,

attendants and delivery staff.

A diagnostic chain consists of a reference lab connected to collection centers (owned

and/or franchised) and other reference and satellite labs. A typical satellite lab is usually

able to cater to a catchment area with a two to five kilometer radius by itself. However,

the reach of the satellite lab expands to a 15-20 kilometer radius as collection centers

act as spokes (a collection center is usually able to cater to an area with a three to five

kilometer radius).

Exhibit 11: Reference Lab


198 tests and 59 profiles of tests to detect a number of acute and chronic disorders

A diagnostic chain consists of a reference lab connected to collection centers and other reference and satellite labs.




Exhibit 12: Satellite Lab


Functioning of logistics between collection centers and labs

Collection centers pick up samples, either directly from customers’ homes or from the patients at

the center itself. The samples are stored as per procedures laid down by the reference labs to

maintain the samples’ integrity. For example, whole blood samples are safely collected in

vacuum-filled sterile tubes called ‘vacutainers’, appropriately labelled or barcoded, and stored at

the appropriate temperature of 4-25 degrees Celsius depending on the type of test

recommended.

Samples collected at collection centers are picked up by collection personnel, usually two to three

times in a day. Every pick-up person from the satellite lab has a specified area of operation and

usually handles five to ten centers within a four to five kilometer radius area. Samples from all

collection centers of a particular area of operation are rounded up within a single staging area in

the city. Then, a single delivery person takes charge of the samples and sends them to the

reference lab or satellite labs with routine testing capabilities. The samples are usually

transported by road on two-wheelers or other modes of transport. Sample transport usually takes

from one hour to one day depending upon the distance between the area of collection and the

final drop point and the turnaround time during which the sample can be kept intact.




Exhibit 13: Delivery Cycle of the Company:





Strength of the Company

Trusted Brand: The name “Thyrocare” is quite familiar and the quality of services are renowned.

Trust plays a very critical role while making health-based decisions. Hence the Company scores

highly on this count.

Affordability in services offered: Thyrocare provides affordable healthcare services to reach

people of all income levels . At the same time, the company has never compromised on the

quality of its results. They are widely accepted by many medical practitioners in the country. This

particular aspect projects a qualitative as well as quantitative growth of the company.

Using technologies to cater the demands of the industry: Being in the healthcare industry, it

is a very crucial fact to understand the need of the day. Using a technology for the right need

gives utmost success to a company in this field. The company has always come out with different

brands like arogyam, whaters, etc as and when required.

Penetration to rural areas: At a time when urban areas are well facilitated with all the healthcare

luxuries, the company is concentrating on the rural areas of this country where there is a

significant gap between the demand and supply. This key s trategy of growth will become a

turning point for the company to show steepness in the growth curve.

Doorstep Collection of Samples: The company provides customer convenience through its

doorstep collection services. In today’s life when people run short of time, such services would be

of high demand.

Affordable healthcare services to reach people of all income levels.

The company has never compromised on the quality of its

results.

The company is concentrating on the rural areas of this

country where there is a significant gap between the demand and supply.




Risks

Highly competitive business segment: The diagnostic healthcare service industry is highly

competitive. Further, there is no significant entry barrier in this industry. The pricing of a

standalone diagnostic healthcare center may be at a significant discount to the company’s rate

card as these standalone diagnostic center may operate on lower cost base as compared to a

company owning chain of diagnostic center. India being a cost conscious market, pricing often

take precedence over quality.

Higher dependence on some tests for revenue : The Company offered 198 tests and 59

profiles of tests as of February 29, 2016; however, a considerable portion of revenue is derived

from a few specific tests. For example, ~17% of revenue from diagnostic services for Fiscal 2015

was derived from thyroid profile. As another example, 51% of revenue from diagnostic services

for Fiscal 2015 was derived from wellness and preventive care offerings. If competitors develop

similar diagnostic tests with competitive pricing, or if the test offerings fall out of favour, the

customer’s preferences change, or the ability to conduct these tests is impaired in any way.

Changes in technologies: The healthcare diagnostic testing services industry is characterized

by changing technology and new product introductions. The success depends, in part, on the

company’s ability to develop, acquire or license new and improved testing technologies on

favourable terms. Other companies or individuals, including the competitors, may obtain patents

or other proprietary rights relating to newer technologies that could reduce the demand for the

pathology testing services.

Changing Laws and Government Policies: The company’s business operations and future

expansion are largely driven by government policies. The business and financial performance

could be adversely affected by changes in, or interpretation of, existing laws, or the promulgation

of new laws, rules and regulations applicable to the business.

The diagnostic healthcare service industry is highly competitive.

The company’s business operations and future expansion are largely driven by government policies.




Financial snapshot

Exhibit 14: Income Statement

Y/E Mar (Rsmn) FY11 FY12 FY13 F14 F15 Dec 15

Net sales 779 1,091 1,343 1,500 1,801 1,709

growth (%)

40.1 23.1 11.7 20.1 (5.1)

COGS 234 291 356 425 552 489

Staff Cost 53 71 90 121 173 157

Other cost 135 239 262 267 343 354

EBITDA 356 490 635 687 733 708

growth (%)

38 30 8 7 (3)

Depreciation 13 21 33 64 107 81

EBIT 343 469 601 623 626 81

Interest income 33 51 57 66 70 37

Finance Cost - - - - - -

Extraordinary/Excep. items

- - - - - -

PBT 376 520 659 689 695 117

Tax 128 171 211 227 232 229

Minority interest - - - - - -

PAT 248 349 448 462 464 436

Non-recurring items - - - - - -

Adjusted PAT 248 349 568 462 485 436

growth (%)

41 63 (19) 5 -

Sources: Cmpany ’s RHP

Exhibit 15: Balance Sheet

Y/E Mar (Rsmn) FY11 FY12 FY13 F14 F15 Dec 15

Cash & Bank balances 400 590 175 119 43 40

Other Current assets 159 308 109 155 310 398

Investments 240 240 772 1,190 1,625 2,544

Net fixed assets 164 196 855 938 900 940

Goodwill - - - - - -

Other non-current assets

46 37 54 56 67 74

Total assets 1,009 1,371 1,965 2,457 2,944 3,997

Current liabilities 45 34 40 64 66 157

Borrowings 250 250 250 250 - -

Other non-current liabilities

39 62 75 81 89 83

Total liabilities 334 346 364 395 155 240

Share capital 108 108 109 109 505 537

Reserves & surplus 567 917 1,492 1,953 2,284 3,220

Shareholders' funds 675 1,025 1,601 2,063 2,789 3,757

Total liabilities 1,009 1,371 1,965 2,457 2,944 3,997

Sources : Company ’s RHP




Sales and Dealing Team

Purvesh Shelatkar – Senior Vice President & Head Equity +91-22-6138 9330 [email protected]

Anil Pawar – Senior Manager – Dealing +91-22-6138 9325 [email protected]

Sachin Sambare – Manager– Dealing +91-22-61389331/33 [email protected]

Ashwin Patil – Executive – Dealing +91-22-6138 9326 ashw [email protected]

Research Team Sectors

Vaishali Parkar Kumar – Analyst Agri, Auto, Defence +91-22-6138 9382 [email protected]

Padmaja Ambekar – Analyst Auto Ancillary, Infra, Midcap +91-22-6138 9381 [email protected]

Akanksha Tripathi – Analyst Footw ear, FMCG +91-22-6138 9383 [email protected]

Rishabh Mehta – Associate Textile, FMCG, Infra +91-22-6138 9384 [email protected]

Hareesha Kakkera – Associate BioTechnology, Pharmaceuticals

+91-22-6138 9351 [email protected]

Retail Dealing Team

Kshitij Kelkar +91-22-61389386 [email protected]

Kiran Sawardekar +91-22-61389385 [email protected]

Nisha Rasal +91-22-61389328 [email protected]

Debt Dealing Team

Minaxi Tiwari +91-22-61389336 minaxi.tiw [email protected]

“The BoB Capital Markets research team hereby certifies that all of the views expressed in this report accurately reflect our personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.”

BOB Capital Markets Ltd. generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a f inancial interest in the securities or deriv atives of any companies that the analysts cover. Additionally, BOB Capital Markets Ltd. generally prohibits its analysts and persons reporting to analysts f rom serving as an off icer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other prof essionals may provide oral or written market commentary or trading strategies to our clients that ref lect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, y ou should be aware that any or all of the foregoing, among other things, may give rise to real or potential conf licts of interest. Additionally, other important information regarding our relationships with the company or companies that are the subject of this material is provided herein.

This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdic tion where such an offer or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of clients of BOB Capital Markets Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of indiv idual clients. Before acting on any adv ice or recommendation in this material, clients should consider whether it is suitable f or their particular circumstances and, if necessary, seek prof essional advice. The price and value of the investments referred to in this material and the income f rom them may go down as well as up, and investors may realize losses on any investments. Past perf ormance is not a guide for future perf ormance, future returns are not guaranteed and a loss of original capital may occur. BOB Capital Markets Ltd. does not prov ide tax adv ice to its clients, and all investors are strongly advised to consult with their tax advisers regarding any potential investment in certain transactions — including those involving f utures, options, and other derivatives as well as non investment -grade securities —that give rise to substantial risk and are not suitable for all investors. The material is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only. We endeavor to update on a reasonable basis the information discussed in this material, but regulatory, compliance, or other reasons may prevent us from doing so.

We and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this material, may from time to time have "long" or "short" positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein and may f rom time to time add to or dispose of any such securities (or investment). We and our affiliates may act as market maker or assume an underwriting commitment in the securities of companies discussed in this document (or in related inv estments), may sell them to or buy them f rom customers on a principal basis and may also perform or seek to perf orm investment banking or advisory services for or relating to those companies and may also be represented in the supervisory board or any other committee of those companies.

For the purpose of calculating whether BOB Capital Markets Ltd. and its affiliates hold, benef icially own, or control, including the right to vote for directors, 1% or more of the equity shares of the subject, the holding of the issuer of a research report is also included.

BOB Capital Markets Ltd. and its non-US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to non-US issuers, prior to or immediately following its publication. Foreign currency denominated securities are subject to fluctuations in exchange rates that could hav e an adverse effect on the value or price of or income derived from the investment. In addition, investors in securities such as ADRs, the value of which are influenced by foreign currencies, affectively assume currency risk. In addition, options involve risks and are not suitable for all investors. Please ensure that y ou hav e read and understood the current derivatives risk disclosure document before entering into any derivative transactions.

In the US, this material is only for Qualified Institutional Buyers as def ined under rule 144(a) of the Securities Act, 1933.No part of this material may be (i) copied, photocopied, or duplicated in any form by any means or (ii) redistributed without BOB Capital Markets Ltd.’s prior written consent. No part of this document may be distributed in Canada or used by

priv ate customers in the United Kingdom.

UTI Tower, 3rd Floor, South Wing, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051. India.

Ph.: +91.22.6138.9300 || Fax: +91.22.6671.8535 ||

Email: [email protected]|| Web: www.bobcaps.in

NSE SEBI No. (CASH): INB231304537

NSE SEBI No. (DERIVATIVES): INF231304537

BSE SEBI No. : INB011304533











mailto:[email protected]%7C%7C

http://www.bobcapitalmarkets.com/

face value minimum order quantity ipo note - bob capital · dubai, sri lanka, nepal, africa,...

Documents