Goa’s first unicorn files Rs 200 crore IPO

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Goa’s first unicorn files Rs 200 crore IPO

Panaji: Goa’s first unicorn, Molbio Diagnostics Ltd, has approached SEBI and the exchanges to raise at least Rs 200 crore by putting up more than 1.25 crore shares on the stock exchanges through an IPO. Public listing will help the Temasek and MOPE-backed company raise capital for expansion and provide an exit for early investors.

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According to the draft red herring prospectus , the proposed IPO of the Goa-based company is a combination of a fresh issue of equity shares aggregating up to Rs 200 crore and an offer for sale (OFS) of up to 1.25 crore equity shares held by the existing shareholders. Molbio Diagnostics, which has five manufacturing facilities in India, proposes to utilise the funds for expansion. Molbio Diagnostics entered the unicorn club with a valuation of $1.6 billion after raising $85 million from Temasek and existing investor Motilal Oswal Alternates.The company said that it will invest Rs 99.3 crore to set up infrastructure for a research and development facility, a centre of excellence, and an office. Along with this, Rs 73.5 crore will be invested in the purchase of plant, machinery, and other equipment for the two manufacturing facilities in Goa and the facility at Visakhapatnam.Molbio Diagnostics manufactures testing and diagnostic kits for 30 diseases, including tuberculosis, Covid, HIV, HPV, and Hepatitis B & C. These are manufactured at the two facilities in Goa, one in Visakhapatnam (Andhra Pradesh), and two in Bengaluru (Peenya and Machohalli).

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