Goa-based Molbio Diagnostics, backed by Temasek and Motilal Oswal Private Equity, has secured Securities and Exchange Board of India’s (SEBI's) approval to raise funds through initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to Rs 200 crore and an offer-for-sale (OFS) of up to 1.25 crore equity shares by existing shareholders.
The company plans to utilise Rs 99.3 crore from the net proceeds for setting up infrastructure for a new Research and Development facility, a Centre of Excellence and connected office space. Another Rs 73.5 crore will go towards the purchase of plant and machinery for its manufacturing units in Goa and Visakhapatnam, while the balance will be used for general corporate purposes. Kotak Mahindra Capital, IIFL Capital Services, Jefferies India and Motilal Oswal Investment Advisors are book-running lead managers to the issue.
Molbio Diagnostics is engaged in point-of-care molecular diagnostics for over 30 diseases, including tuberculosis, COVID-19, HIV, HPV and Hepatitis B & C.
