Goa-based Molbio Diagnostics opens its ₹939.70-crore IPO, highlighting its innovative Truenat platform for point-of-care testing across multiple diseases, amid cautious broker optimism regarding valuation and government dependence.
Molbio Diagnostics opened its ₹939.70-crore initial public offering on Monday, with shares priced at ₹768 to ₹807 each, as the Goa-based diagnostics company sought to tap public investors after a strong anchor book and broad support from brokerages. The offer closes on Wednesday and combines a fresh issue of up to ₹200 crore with a sale of 91.66 lakh shares by existing shareholders. The company has also set aside a little over 20,500 shares for employees at a discount of ₹76 a share. The minimum application size is 18 shares.
According to the company’s filing, half of the net offer is reserved for qualified institutional buyers, while retail investors can bid for up to 35% and non-institutional investors for 15%. Molbio raised ₹281.5 crore from anchor investors ahead of the issue, allotting 34.88 lakh shares to 33 investors at ₹807 apiece. The anchor list included Goldman Sachs, BlackRock Global Funds, Mirae Asset, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Tata Mutual Fund, WhiteOak Capital, Bajaj Life Insurance and HDFC Life Insurance.
The company plans to use ₹106 crore from the fresh issue for capital spending linked to an R&D facility, a Centre of Excellence and associated office space, with another ₹72 crore earmarked for plant and machinery at its Goa and Visakhapatnam units. The rest will go towards general corporate needs. Molbio, incorporated in 2000, is best known for its Truenat platform, a battery-powered PCR system designed for settings where laboratory infrastructure is limited and results are needed quickly. The company says the system can deliver decentralised diagnoses within about an hour.
Molbio’s pitch to investors rests on a business built around point-of-care molecular testing, with assays covering diseases including tuberculosis, COVID-19, hepatitis, HIV and HPV. The company says Truenat is patented in more than 100 countries and spans 30 diseases across 43 assays. It also operates six manufacturing facilities in India and, as of March 31, 2026, had installed capacity for 5,400 devices a year and 3.9 crore Truenat test kits annually. Its wider portfolio includes radiology, digital pathology and breast health screening devices through subsidiaries Prognosys and OptraScan, as well as its collaboration partner UE Lifesciences.
Brokerages were broadly positive, though most noted that the valuation is not cheap and that government procurement remains an area to watch. SBI Securities said the issue looks reasonably priced given Molbio’s growth, profitability and position in diagnostics, though it pointed to dependence on tuberculosis-related revenue and customer concentration as key risks. BP Equities highlighted the company’s recurring revenue model and high entry barriers while noting that a large share of finished goods revenue comes from government agencies and international health institutions. Other brokers, including Master Capital Services, Kunvarji Wealth Solutions, Swastika Investsmart and Ventura Securities, also urged investors to subscribe with a long-term horizon.
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