Molbio Diagnostics’ Shares Jump Over 21% in Market Debut Trade

New Delhi: Shares of Molbio Diagnostics Ltd on Monday listed with a premium of over 21 per cent against the issue price of Rs 807.

The stock started trading at Rs 980, registering a jump of 21.43 per cent on the BSE. It further surged 24.16 per cent to Rs 1,002.05.

At the NSE also, the stock made its market debut at Rs 980.

The company commanded a market valuation of Rs 10,875.77 crore.

Molbio Diagnostics’ initial public offering received 70.26 times subscription on the final day of bidding on Wednesday last week.

The Rs 940-crore IPO had a price band of Rs 768-807 per share.

The Goa-based company’s IPO had a fresh issue of shares, worth up to Rs 200 crore, and an offer-for-sale (OFS) of up to 91.66 lakh equity shares by existing shareholders.

The company proposes to utilise Rs 106 crore from the fresh issue proceeds towards capital expenditure for setting up infrastructure for an R&D facility, Centre of Excellence and connected office space.

Another Rs 72 crore will be deployed towards the purchase of plant, machinery and other equipment for its Goa Unit I, Goa Unit II and Visakhapatnam unit, while the remaining funds will be used for general corporate purposes.

Incorporated in 2000, Molbio Diagnostics is a point-of-care diagnostics company offering molecular testing for 30 diseases, including tuberculosis, COVID, HIV, HPV and Hepatitis B and C.

Its ‘Truenat’ platform, patented in more than 100 countries for diagnosis of multiple infectious and non-communicable diseases, is a point-of-care polymerase chain reaction (PCR) platform. The battery-operated platform can be deployed in resource-limited settings and facilitates decentralised diagnosis within an hour.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)