Neuberg Diagnostics plans to raise $100 million to fund acquisitions
Neuberg Diagnostics is looking to raise $100 million by September, ahead of a planned public listing in two years, chairman GSK Velu said Friday.
Neuberg, which runs a pan-India diagnostic chain, has appointed O3 Capital as the investment banker and is currently in talks with potential investors, Velu said in an interview. The Chennai-based company plans to use the fresh capital to expand its radiology business through acquisitions, he said.
«Within two years, we want to list the company; we are doing the fundraise for some more M&A ramp up,» said Velu, also a serial entrepreneur having invested in eye care chain Maxivision. He is also the owner of medical equipment manufacturer Trivitron Healthcare and one of the key investors in Kaveri Hospitals. «With the proposed fundraise, we hope that our revenue will double in the next couple of years,» he added.
Neuberg plans to raise about $300 million through an initial public offering in the next two years.
According to Velu, Neuberg has crossed ₹1,000 crore revenue in FY24, out of which around 85% came from India and the rest from overseas. The company also has a presence in the UAE, South Africa and the US.
With more than 200 laboratories, Neuberg has emerged as one of the fastest-growing diagnostic chains in India.
The company has expanded through organic as well as a string of mergers and acquisitions of regional diagnostic chains and standalone labs.
Velu said Neuberg has spent about ₹1,000 crore till date on network expansion. «In the last six years, whatever
