All IPOs

Molbio Diagnostics

Mainboard · NSE listed
+21.44%
Listing gain
Price Band
₹768 – ₹807
Issue Size
₹940 Cr
1 lot at upper band
₹14,526
Lot Size
18
Open
10 Aug 2026
Close
12 Aug 2026
Allotment
—
Listing
17 Aug 2026

Scheduled dates

  1. Open
    10 Aug 2026
  2. Close
    12 Aug 2026
  3. Refund
    14 Aug 2026
  4. Demat credit
    14 Aug 2026
  5. Listing
    17 Aug 2026

Listing Performance

Listing Price
₹980
Listing Gain
+21.44%
Day Close
—
Current (LTP)
— (—)

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹116 14 sessions

Subscription (times)

Latest per-category subscription · as of 12 Aug, 05:10 pm IST.

QIB 186.39x
NII 49.80x
BHNI 50.82x
SHNI 47.76x
RII 12.97x
Employee 12.82x
Total 70.27x

About Molbio Diagnostics

Molbio Diagnostics Limited is an innovative point-of-care diagnostics company focused on expanding access to accurate, rapid and cost-effective healthcare technologies to diagnose infectious and non-communicable diseases. The company has developed its 'Truenat' platform, a novel POC polymerase chain reaction platform that operates in resource-limited settings as it is battery operated, facilitating decentralized diagnosis within an hour. The company operates in an oligopolistic market with high entry barriers, offering molecular testing for 30 diseases including tuberculosis, COVID, Hepatitis B and C, HIV, and HPV with 43 assays as of March 31, 2026.

www.molbiodiagnostics.com ↗

Strengths

  • Well placed to address unmet demand in a large and growing molecular diagnostic market with gaining credence of point-of-care testing
    The company's 'Truenat' platform enables screening and diagnosis for 30 infectious and non-communicable diseases. The global POCT market stands at USD 29.3 billion and is projected to grow at CAGR of 17.9% between 2025 and 2030 to USD 67.1 billion by 2030.
  • Innovative, R&D focused business
    The company has strong in-house R&D capabilities with 153 permanent employees including 136 scientists. R&D expenditure was ₹ 874.56 million, ₹ 685.69 million and ₹ 597.77 million in Fiscals 2026, 2025 and 2024 respectively, representing 6.05%, 6.72% and 7.15% of revenue from operations.
  • Developed and commercialized a novel portable multi-disease point-of-care molecular diagnostics platform
    The company has developed 'Truenat' platform comprising Trueprep universal nucleic acid extraction device and Truelab analyzer. The platform delivers results in approximately 60 minutes with higher sensitivity and specificity compared to conventional diagnostic methods.
  • Scalable business model with strong entry barriers, high proportion of recurring revenues and a growing suite of tests
    The company's 'Truenat' platform is a closed system designed to work exclusively with their range of test kits ensuring recurring demand. The company operates in an oligopolistic market with high entry barriers, evidenced by 13 years of R&D to obtain ICMR certification.
  • Strategic collaborations and acquisitions enhancing capabilities and offerings
    The company acquired 65.47% of Prognosys in March 2023 for radiology capabilities and 60.00% of OptraScan INC in October 2024 for digital pathology solutions. These acquisitions enable end-to-end screening and confirmatory tests for infectious diseases at point-of-care.
  • Management team with deep domain expertise and track record of delivering strong financial performance
    The company's Promoter and CEO Sriram Natarajan has 35 years of experience in developing diagnostic devices, while CTO Chandrasekhar Nair has 34 years of experience in translational research. The management team has delivered strong financial performance with consistent revenue growth.

Risk Factors

  • Heavy Dependence on Government and International Aid Agencies
    The company derives 84.56%, 87.83% and 91.60% of its revenue from Indian central and state governments and international aid agencies in Fiscals 2026, 2025 and 2024 respectively. Any unfavorable policy changes or decreased funding for public healthcare programs may significantly impact product sales and adversely affect business operations.
  • Concentration Risk from Tuberculosis Test Kits
    The company derives 70.20%, 69.11% and 62.40% of its revenue from tuberculosis diagnostic test kits in Fiscals 2026, 2025 and 2024 respectively. Any decline in demand for TB test kits due to policy changes, alternative diagnostic methods, or supply chain disruptions could adversely affect financial performance.
  • Research and Development Investment Risk
    The company invested ₹874.56 million (6.05% of revenue) in R&D in Fiscal 2026 and intends to continue substantial investments. The company cannot assure that R&D efforts will result in successful development and government approvals for new tests, which could adversely affect business results.
  • Subsidiary Losses and Negative Cash Flows
    Key subsidiaries including Prognosys Medical Systems, Prognosys Healthcare and OptraScan INC have incurred losses, with OptraScan INC reporting losses of ₹111.42 million in Fiscal 2026. The company may be required to fund subsidiary operations, subjecting it to additional liabilities.
  • Intellectual Property Protection Risks
    The company relies on patents, trademarks and confidentiality agreements to protect intellectual property. Patent applications may fail to result in issued patents, and existing patents may be insufficient to provide meaningful protection or competitive advantage against competitors.
  • Regulatory Compliance and Licensing Dependencies
    The company's operations are subject to extensive government regulation requiring numerous statutory permits and approvals. Failure to obtain, maintain or renew required licenses could restrict marketing and selling of products and may result in sanctions or penalties.
  • Manufacturing Capacity Under-utilization
    The company's capacity utilization fluctuates significantly - Truenat Device utilization was 42.30% in Fiscal 2026 compared to 58.89% in Fiscal 2025. Under-utilization over extended periods could increase cost of production and operating costs, adversely impacting financial performance.
  • Working Capital and Debt Financing Risks
    The company has significant working capital requirements with working capital days of 166 in Fiscal 2026 and total outstanding borrowings of ₹4,225.01 million as of May 31, 2026. Inability to meet debt obligations or financial covenants could adversely affect business operations.
  • Customer Concentration Risk
    The company's top 10 customers accounted for 83.26%, 83.62% and 78.54% of revenue in Fiscals 2026, 2025 and 2024 respectively. Loss of major customers or decline in demand from them could have adverse effects on business and financial condition.
  • Leasehold Property Dependencies
    All manufacturing facilities, R&D units and corporate offices are located on leased land rather than owned property. The company cannot assure ability to renew leases on commercially acceptable terms, and relocation requirements could disrupt operations and increase costs.

Objects of the Issue

  • Funding capital expenditure towards the setting up of infrastructure for a research and development facility and Center of Excellence which will be operated by wholly-owned Subsidiary, Bigtec and connected office space
    The company proposes to establish infrastructure for research and development facility, Center of Excellence to be operated by Bigtec, and connected office spaces for employees and consultants. The facility will have approximately 150,000 square feet built-up area to consolidate all R&D functions under one roof.
    105.53 crores
  • Funding capital expenditure towards the purchase of certain plant, machinery and other equipment for Goa Unit I, Goa Unit II and Visakhapatnam Unit
    The company intends to purchase plant, machinery and equipment to facilitate automation at manufacturing units. This includes automatic precision liquid micro-volume filling machines, screening machines, pick & place machines, and product assembly and packing machines to reduce manual dependency and manufacturing costs.
    72.28 crores
  • General corporate purposes
    The company proposes to utilize funds for general corporate purposes and business requirements including meeting ongoing contingencies, expenses in ordinary course of business, funding growth opportunities, strategic initiatives, and other purposes as approved by the Board, subject to not exceeding 25% of Gross Proceeds.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/20261455.17+41.6%164.14+18.4%2148.421308.7850.39
31/03/20251027.94+22.3%138.58+65.9%1461.56967.29287.10
31/03/2024840.66—83.54—1221.06828.849.57
Units: crores

Issue Details

Face Value
₹1
P/E
55.43
ROCE
20.98%
Shares / Lot
18
Minimum Bid
18 shares
Refund
14 Aug 2026
Credit to Demat
14 Aug 2026
ISIN
INE869T01028
CIN
U33125GA2000PLC002909
Registrar
Kfin Technologies Ltd.
Lead Managers
Kotak Mahindra Capital Co.Ltd.
Registered Office
Plot No. L-46, Phase II-D, Verna Industrial Area, Verna, Salcete, South Goa 403 722, Goa, India
RHP ↗DRHP ↗

Management

Sriram NatarajanCEO
Dr. Chandrasekhar Bhaskaran NairCTO
Sangeetha SriramDirector of Operations
Dr. Arun Kumar JhaDirector
Dr. Balram BhargavaDirector
Nupur GargDirector
Manan Bimal KhokhaniCFO
Darshan Raghunath KarekarDirector
Shiva SriramDirector
Dr. Kuldeep Singh SachdevaDirector
Indraneil BorkakotyDirector
Dr. Abhay RaoraneDirector
Dr. Sivakumar SelvarajDirector
Dr. Praveen Kumar M.K.Director
Mahendra V. SalunkeDirector
Goli Udaya BhaskarCOO
Sarah Sarika Frias Oliveira FernandesDirector of HR
Reeti Desai HobsonVP of Sales

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.