Molbio Diagnostics’ Rs 940-Cr IPO Subscribed 70.26 Times on Last Day

New Delhi: Molbio Diagnostics’ initial public offering received 70.26 times subscription on the final day of bidding on Wednesday.

The Rs 940-crore IPO got bids for 57,32,14,536 shares against 81,58,529 shares on offer, as per NSE data.

The portion for Qualified Institutional Buyers (QIBs) received a whopping 186.39 times subscription. The category for non-institutional investors was subscribed 49.80 times and that of retail investors 12.96 times.

Point-of-care diagnostics company Molbio Diagnostics Ltd, backed by Temasek and Motilal Oswal Private Equity, has raised Rs 281.5 crore from anchor investors.

The IPO has a price band of Rs 768-807 per share.

The Goa-based company’s IPO comprises 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.

At the upper end of the price band, Molbio Diagnostics is expected to command a post-issue market valuation of around Rs 9,300 crore.

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.

The company’s shares are proposed to be listed on the BSE and NSE on August 17.

Kotak Mahindra Capital Company, IIFL Capital Services, Jefferies India and Motilal Oswal Investment Advisors are the book running lead managers to the issue.

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