Molbio Diagnostics IPO
Molbio Diagnostics Limitedmolbiodiagnostics.com
- Price band
- ₹768 – ₹807
- Issue size
- ₹940 Cr
- Lot size
- 18 sh
- Bidding
- 10 – 12 Aug
- Grey market
- —
Face value ₹1.00
21% fresh capital
Lists 17 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Molbio Diagnostics makes portable molecular diagnostic devices and the single-use kits that run on them; the record's profile states 43 assays covering 30 diseases as of 31 March 2026, over 12,500 devices sold across more than 90 countries, six Indian plants and 1,225 employees. Revenue was Rs 836.56 Cr in FY24, Rs 1,020.42 Cr in FY25 and Rs 1,445.69 Cr in FY26, with profit after tax of Rs 83.54 Cr, Rs 138.58 Cr and Rs 164.14 Cr across the same three years. The Rs 939.70 Cr issue was priced at Rs 768-807 and was 78.72% an offer for sale (Rs 739.70 Cr) against Rs 200 Cr of fresh capital. On the closing day, 12 August 2026, the book stood at 70.27 times overall; the shares listed on 17 August 2026 at Rs 980 against a band top of Rs 807 and last traded at Rs 1,239.10 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
59% of the scoring model was backed by disclosed data for Molbio Diagnostics, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Majority offer for sale
Only 21.3% of the raise is fresh capital into the company; the rest goes to selling shareholders.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2000 · Verna, Salcete, South Goa, Goa · 1,225 employees
Molbio Diagnostics makes portable molecular diagnostic equipment and the single-use test kits that run on it. Its Truenat platform pairs the Trueprep sample-preparation device with the Truelab analyser — sold in one-, two- and four-test versions — to run real-time PCR tests outside a laboratory. The units are battery operated and return a result within an hour, which lets testing happen at primary health centres rather than central labs. As of 31 March 2026 the company offered 43 assays covering 30 diseases, including tuberculosis, HIV, hepatitis B and C, HPV and COVID. It had sold over 12,500 devices across more than 90 countries, mainly to government public-health programmes, international aid agencies, hospitals and diagnostic laboratories. Manufacturing runs from six Indian plants; R&D sits in subsidiary Bigtec in Bengaluru.
Devices are the entry point; the test kits are the business. Of FY26 revenue from operations of ₹1,445.69 Cr, test kits brought in ₹1,034.82 Cr against ₹203.28 Cr from device sales — the analysers run only Molbio's own kits, so each of the 2,524 devices sold in FY26 feeds a recurring consumable stream (17.56 million kits sold). Raw material and components consumed cost ₹569.92 Cr in FY26 and R&D took ₹87.46 Cr. The structural constraint is buyer concentration: government and international aid agencies supplied 84.56% of product revenue in FY26, and the top ten customers 83.26%.
The company on paper
- Legal name
- Molbio Diagnostics Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 20 Oct 2000
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U33125GA2000PLC002909
- Sector
- Health Care · Point-of-care molecular diagnostics — portable PCR devices and single-use test kits
- Employees
- 1,225
- Registered office
- Verna, Salcete, South Goa, Goa
- Promoters
- Sriram Natarajan, Dr. Chandrasekhar Bhaskaran Nair, Sangeetha Sriram, Shiva Sriram, Sowmya Sriram, Exxora Trading LLP
- Promoter holding, pre-issue
- 46.6%
- Website
- molbiodiagnostics.com
The numbers
Financial performance
Revenue has compounded at 31.5% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
21% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹200 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹740 Cr
- Total issue size
- ₹940 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹807.00
- Listed at
- ₹980.00
- Listing gain
- up 21.4%
- Since listing
- up 30.0%
- Against the issue price
- up 57.9%
Trading at ₹1,274.00 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 18
- At cut-off price
- ₹807.00
- Amount blocked
- ₹14,526
One lot is 18 shares at ₹14,526. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~8%
chance of one lot, per application
- Retail subscription
- 12.97×
- Applicants per share available
- 13.0× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹980.00
listed at, 21.4% against the issue price
- Issue price
- ₹807.00
- Premium said
- —
- If allotted 18 shares
- ₹3,114
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose 21.98% from Rs 836.56 Cr in FY24 to Rs 1,020.42 Cr in FY25, then 41.68% to Rs 1,445.69 Cr in FY26. EBITDA rose over the same two steps, 38.66% from Rs 185.09 Cr to Rs 256.64 Cr and 27.90% to Rs 328.24 Cr.
- Test kits brought Rs 1,034.82 Cr of FY26 revenue from operations of Rs 1,445.69 Cr, or 71.58%, against Rs 203.28 Cr from device sales (14.06%). The record states the analysers run only Molbio's own kits, and that 2,524 devices and 17.56 million kits were sold in FY26.
- EBITDA margin was 22.13% in FY24 (Rs 185.09 Cr on Rs 836.56 Cr), 25.15% in FY25 (Rs 256.64 Cr on Rs 1,020.42 Cr) and 22.70% in FY26 (Rs 328.24 Cr on Rs 1,445.69 Cr) — a range of 22.13% to 25.15% across the three years on record.
- Net worth was Rs 807.94 Cr at the FY24 year end and rose in each of the two following years, to Rs 952.95 Cr in FY25 and Rs 1,144.68 Cr in FY26.
What to weigh against it
- The record states that government and international aid agencies supplied 84.56% of product revenue in FY26, and the top ten customers 83.26%. It gives no equivalent figure for FY24 or FY25.
- Total borrowings did not move in one direction across the three years on record: Rs 174.58 Cr in FY24, Rs 123.16 Cr in FY25 (down 29.45%), then Rs 412.64 Cr in FY26 — 3.35 times the FY25 figure. Measured against net worth, that is 0.22x, 0.13x and 0.36x respectively.
- Profit after tax rose 18.44% in FY26, from Rs 138.58 Cr to Rs 164.14 Cr, on revenue 41.68% higher; the FY25 step had been a 65.88% rise in profit after tax on revenue 21.98% higher. PAT margin was 9.99% in FY24, 13.58% in FY25 and 11.35% in FY26.
- Rs 739.70 Cr of the Rs 939.70 Cr issue, or 78.72%, was an offer for sale, with Rs 200 Cr fresh. The record's offerObjects array is empty, so it does not say what the fresh proceeds are for, and promoterHoldingPostPct is null against a pre-issue 46.65%.
Easy to miss in the prospectus
- For all three years the record leaves cashFlowOpsCr, totalAssetsCr and expensesCr null, so the reported profit cannot be set against cash or against a balance-sheet total within this record.
- The record carries no valuation block, no peers, no anchor book, no allocation split and no GMP entries, so the Rs 768-807 band is not benchmarked anywhere inside it.
- The newest financial period on record ends 31 March 2026, while the Rs 1,239.10 price is marked as of 23 October 2026; no reported period in the record covers that interval. The 84.56% buyer-concentration and 83.26% top-ten figures are likewise FY26 disclosures.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Kotak Mahindra Capital Company Limited, IIFL Capital Services Limited, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Molbio Diagnostics's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Molbio Diagnostics Limited — Red Herring Prospectus, dated 3 August 2026 (575pp, company website) · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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