Temasek and MOPE-backed Molbio Diagnostics files DRHP with SEBI

Molbio Diagnostics Limited, a point-of-care (POC) diagnostics company, offering molecular testing for 30 diseases, including tuberculosis, COVID, HIV, HPV and Hepatitis B & C has filed the draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise funds through an initial public offering (IPO).

According to the DRHP, the proposed IPO of the Goa based company is a combination of a fresh issue of equity shares aggregating up to Rs. 200 crores and an offer for sale (OFS) of up to 1,25,56,000 equity shares (1.25 crore equity shares) by the selling shareholders.

As part of the OFS, the Selling Shareholders include Exxora Trading LLP, Dr. Chandrasekhar Bhaskaran Nair, Abdul Qadir Mohamed Theruvath, Chewbacca Services Limited, J. Guru Dutt, Gopalkrishna Mangalore Kini, Gopalakrishna Sampathgiri, India Business Excellence Fund III, M Ganesh Kamath, M.A. Rohit, M.A. Sharath, M.A. Usha Rani, Sangeetha M Kini, Shaheeda Abdul Kader, Shruthi G Kini, Sujay Limited, V Sciences Investments Pte. Ltd. And Vivek Devaraj.

Molbio Diagnostics proposes to utilize the Net Proceeds from the Fresh Issue as follows – Rs. 99.3 crores towards funding capex for setting up of infrastructure for R&D facility, Center of Excellence and connected office space; Rs. 73.5 crores towards funding capex for purchase of plant, machinery and other equipment for Goa Unit I, Goa Unit II and Visakhapatnam Unit and rest on general corporate purposes.

It’s ‘Truenat’ platform, patented in more than 100 countries is a novel POC polymerase chain reaction (PCR) platform, that can operate in resource limited settings since it is battery operated, facilitating decentralized diagnosis within an hour.

Molbio Diagnostics, incorporated in 2000, has five manufacturing facilities in India, of which two are in Goa, one in Visakhapatnam (Andhra Pradesh) and two in Bengaluru (Peenya and Machohalli)

The facilities in Goa, Visakhapatnam and Peenya (Bengaluru) are operated by Molbio and is dedicated to manufacturing of devices and test kits, while the facility in Machohalli (Bengaluru) is operated by its subsidiary, Prognosys Medical Systems is dedicated to manufacturing of radiology products such as ultraportable X-ray systems, mobile digital X-ray systems, floor-mounted and ceiling-suspended X-ray systems and C-arm systems.

As of March 31, 2025, Molbio’s installed capacity was 3,600 devices per annum and 3,90,00,000 ‘Truenat’ test kits per annum.

In FY25, Molbio Diagnostics registered a revenue from operations of Rs. 1,020 crores, recording a 21.98% growth over FY24. The FY25 profit after tax was Rs. 138.5 crores.

Sriram Natarajan, Chandrasekhar Bhaskaran Nair, Sangeetha Sriram, Shiva Sriram, Sowmya Sriram and Exxora Trading LLP are the Promoters of the Company.

Kotak Mahindra Capital Company Limited, IIFL Capital Services Limited, Jefferies India Private Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers to the issue.