Molbio Diagnostics shares zoom over 21% in stock market debut

Molbio Diagnostics Ltd experienced a remarkable start to its stock market debut on Monday, with its shares soaring over 21% above the issue price of ₹807. Trading opened at ₹980, marking a 21.43% increase on the Bombay Stock Exchange (BSE). The momentum continued on the National Stock Exchange (NSE), where the stock made its initial appearance at ₹980. The company's market valuation reached an impressive ₹10,875.77 crore.

The initial public offering (IPO) of Molbio Diagnostics garnered a staggering subscription of 70.26 times, indicating strong investor interest. The IPO, priced at ₹768-807 per share, raised ₹940 crore. Molbio Diagnostics, a Goa-based company founded in 2000, specializes in point-of-care diagnostics for 30 diseases, including tuberculosis, Covid, HIV, HPV, and Hepatitis B and C. Their patented Truenat platform, utilized worldwide in over 100 countries, is a polymerase chain reaction (PCR) device for rapid, decentralized diagnosis in resource-limited settings.

The company plans to invest the IPO proceeds in infrastructure development, equipment purchases, and general corporate purposes, aiming to expand its capabilities in Goa and other locations.