Molbio Diagnostics Limited (1788863D IN)

Molbio Diagnostics Limited is looking to raise about US$229m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and Motilal. Molbio Diagnostics is a healthcare technology company specializing in point-of-care molecular diagnostics. Its flagship product, the Truenat platform, is a portable, battery-operated PCR testing system used for the rapid detection of infectious and some non-communicable diseases. The company sells two main types of products: (1) hardware devices such as the Trueprep sample preparation unit and the Truelab PCR analyzers and (2) consumable test kits tailored to detect specific diseases. Truenat’s menu spans testing for more than 30 diseases, including tuberculosis, COVID-19, HIV, hepatitis B and C, HPV, malaria, and other infectious conditions. As of FY25, Molbio has deployed over 10,000 devices across more than 80 countries, though its revenue base remains primarily domestic, with ~80% of revenue from India and the remaining 20% from international markets such as Nigeria, Bangladesh, and Indonesia. The company operates five manufacturing facilities in India.