Upcoming IPO: Molbio Diagnostics Ltd., on Friday filed draft papers with the Securities and Exchange Board of India for a fresh issue of up to 200 crore shares and offer for sale of 1.25 crore shares.
Promoters of the company including Exxora Trading LLP and Dr Chandrasekhar Bhaskaran Nair will be offloading shares through the OFS. While investors selling stake include V Sciences Investments Ltd., India Business Excellence Fund III and Gopalkrishna Mangalore Kini.
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While the company will not be receiving any proceeds from the offer for sale portion of the issue, the proceeds from the fresh issue is set to be used for various purposes.
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The fresh issue is set to fund capital expenditure towards the setting up of infrastructure for research and development facility, Center of Excellence and connected office space.
The proceeds will also fund capital expenditure towards the purchase of certain plant, machinery and other equipment for Goa Unit I, Goa Unit II and Visakhapatnam Unit. Finally, proceeds will also go into general corporate purposes.
Kotak Mahindra Capital Company, IIFL Capital Services, Jefferies India, and Motilal Oswal Investment Advisors will be the lead book-running managers of the issue. KFin Technologies Ltd., is the registar for the IPO, according to the DRHP.
Molbio Diagnostics Details
Molbio Diagnostics is a point-of-care diagnostics company focused on expanding access to accurate, rapid and cost-effective healthcare technologies to diagnose infectious and non-communicable diseases.
They have developed their ‘Truenat' platform, which is a novel POC polymerase chain reaction platform that can operate in resource limited settings since its battery operated, facilitating decentralized diagnosis within an hour. As of March. 31, Truenat is patented in more than 100 countries for the diagnosis of multiple infectious and non-communicable diseases.
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