Molbio Diagnostics IPO Oversubscribed 3.11X: Strong Investor Demand
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Key Highlights
Molbio Diagnostics IPO sees strong demand, oversubscribed 3.11 times by day 2. Non-institutional investors lead the surge. IPO closes Wednesday.
Molbio Diagnostics Ltd.’s initial public offering () was oversubscribed 3.11 times by its second day, receiving bids for 2,53,53,108 shares against 81,58,529 shares on offer.
Breakdown
- Non-institutional investors oversubscribed their portion by 5.21 times.
- investors bid 3.18 times their reserved shares.
- (QIBs) saw 1.39 times subscription.
The company, backed by Temasek and Motilal Oswal Private Equity, had already secured Rs 281.5 crore from anchor investors.
IPO Details and Fund Allocation
The IPO, closing Wednesday, carries a price band of Rs 768-807 per share and aims to raise around Rs 940 crore at the upper end.
- Fresh issue of shares: up to Rs 200 crore.
- Offer-for-sale (): up to 91.66 lakh equity shares from existing shareholders.
- Rs 106 crore from fresh issue for an R&D facility, Centre of Excellence, and office space.
- Rs 72 crore for purchasing plant, machinery, and equipment for Goa Unit I, Goa Unit II, and Visakhapatnam units.
- Remaining funds for general corporate purposes.
Company Profile
Founded in 2000, Molbio Diagnostics operates as a point-of-care diagnostics company.
It provides molecular testing for over 30 diseases, including tuberculosis, COVID, HIV, HPV, and Hepatitis B and C, via its ‘Truenat’ platform, patented in over 100 countries.
This battery-operated PCR platform enables decentralized diagnosis within an hour, even in resource-limited areas. Shares are scheduled for listing on the and on August 17.