Neuberg Diagnostics Plans ₹3,500 To ₹4,000 Crore IPO In FY28

Chennai-based Neuberg Diagnostics is targeting a public listing in FY28 with an initial public offering (IPO) in the range of ₹3,500 to ₹4,000 crore, founder and chairman GSK Velu has revealed.

The offering will include both a fresh issue of shares and a secondary component allowing its existing private equity investor to partially exit.

Before heading to the public markets, the company is raising ₹500 crore through a pre-IPO round over the next three to six months to fund four to five acquisitions as part of a broader pan-India expansion push.

Total capital deployed toward growth, combining fresh fundraising, internal accruals and debt, is expected to be in the range of ₹700 to ₹1,000 crore.

Key Numbers At A Glance

• FY26 gross revenue: ₹1,400 crore

• Pre-IPO fundraise target: ₹500 crore within three to six months

• Total growth investment planned: ₹700 to ₹1,000 crore

• IPO target size: ₹3,500 to ₹4,000 crore

• IPO timeline: FY28, potentially April to September, subject to market conditions

• New-generation test revenue contribution now: 15%

• Target contribution in three years: 25%

The Growth Strategy

Neuberg is building its next phase around three themes:

• Genomics testing and advanced pathology as a core differentiator.

• Longevity and preventive health programmes targeting wellness-focused consumers.

• Radiology partnerships to complement its own pathology and genetics capabilities.

The company is launching a preventive health centre in Mumbai offering tests spanning genetics, pathology and radiology. Near-term geographic focus is on Mumbai, Maharashtra, Delhi and the National Capital Region.

Executive Director and President Kavya Velu said the company believes the future of healthcare will be preventive, predictive and personalis ed, and that its investment in genomics and radiology partnerships is built around that conviction.

Velu said the company believes it can emerge as the second-largest diagnostics player in India, acknowledging the outcome will also depend on how competitors and the broader market evolve.

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