Temasek-backed Molbio Diagnostics files IPO papers at over Rs 12,000 crore valuation

Molbio Diagnostics IPO

Temasek Holdings subsidiary, and Motilal Oswal Private Equity-backed Molbio Diagnostics, the Goa-based point-of-care molecular diagnostics platform operator, has filed preliminary papers with the SEBI to raise funds via initial public offering which consists of majorly offer-for-sale.

As per the draft papers filed on August 22, the company is planning to tap capital markets to raise Rs 200 crore via fresh issue, and the remaining funds via offer-for-sale route.

Existing shareholders including promoters as well as investors will be selling up to 1.25 crore equity shares via offer-for-sale (OFS). Promoters Exxora Trading LLP and Chandrasekhar Bhaskaran Nair, who hold 46.65 percent shareholding, will be offloading 29.12 lakh shares via OFS.

Investors including V Sciences Investments, India Business Excellence Fund III, Gopalkrishna Mangalore Kini, Gopalakrishna Sampathgiri, J Guru Dutt, Sangeetha M Kini, and MA Usha Rani, which has 53.35 percent shareholding in the company, will be selling 96.44 shares through OFS.

Moneycontrol was the first to report in May 2024 that diagnostics chain Molbio Diagnostics has kickstarted work to launch an initial public offer and the advisors' syndicate - Kotak Mahindra Capital, Motilal Oswal Financial Services, Jefferies and IIFL Capital - finalised.

Amongst investors, India Business Excellence Fund III (managed by Motilal Oswal Private Equity), and V-Sciences Investments (a wholly-owned subsidiary of Singaporean global investment firm Temasek Holdings) are the largest shareholders after promoter Exxora Trading, having 12.66 percent, and 8.93 percent stakes respectively. They are investors in the company since January 2021 and September 2022, respectively.

Incorporated in 2000, Molbio Diagnostics has seen the last transaction (exchange of shares) on July 14, 2025, i.e more than a month back, wherein Shruthi G Kini transferred 9,175 shares to Navin Mahavirprasad Dalmia at Rs 5,450 per share.

This follows the announcement of bonus issue in the ratio of 4 equity shares for every one equity share held on July 29, 2025, which adjusted the issue price to Rs 1,090 per share. Considering this as an issue price, Molbio Diagnostics is valued at Rs 12,490.8 crore.

The point-of-care (POC) diagnostics company, focussing on expanding access to rapid and cost-effective healthcare technologies to diagnose preventable diseases has developed Truenat platform, which is a novel POC polymerase chain reaction (PCR) platform. It offers molecular testing for 30 diseases.

The company claimed to be operating in an oligopolistic market with high entry barriers as Truenat platform for diagnosing TB is the only one by an Indian company and one of the only two rapid molecular tests in the world.

Of the fresh issue proceeds, Molbio intends to utilise Rs 99.37 crore for setting up of infrastructure for research and development facility, Center of Excellence and connected office space, and further Rs 73.6 crore for purchase of certain plant, machinery and other equipment for Goa Unit I & II and Visakhapatnam Unit. The remainder funds will be used for general corporate purposes.

The molecular diagnostics chain has recorded healthy financial performance in the recent years. Profit in the year ended March 2025 surged nearly 66 percent to Rs 138.6 crore, and revenue grew by 22 percent to Rs 1,020.4 crore compared to previous year.

Kotak Mahindra Capital Company, IIFL Capital Services, Jefferies India, and Motilal Oswal Investment Advisors are appointed as the merchant bankers for the Molbio Diagnostics IPO.