Lord's Mark Industries, an Indian conglomerate with interests ranging from electric vehicles to healthcare diagnostics, announced today its plans to go public via a reverse merger aiming to raise Rs 500 crore (Rs 1 crore = $119,921) in early 2024. The Mumbai-based company has appointed IDBI Capital and Mirae Asset to oversee the IPO process.
The capital raised from the public offering is designated for strategic investments, particularly in enhancing the company's medical technology and expanding diagnostic solutions. Lord's Mark Industries intends to improve its pathology lab network across India and extend its reach in the international medical diagnostics market.
Managing Director Sachidanand Upadhyay highlighted that subsidiaries such as Lord's Automotive and Lord's Mark Biotech will utilize the funds from the IPO to deepen their market presence. These entities are behind the innovative MyDNA brand, which specializes in saliva-based genome testing technology. This cutting-edge product is a result of collaborative efforts with research and development partners including Dozee, IIT Bombay, and Bhabha Atomic Research Centre (BARC).
The firm has reported a remarkable revenue increase to Rs 301 crore in the fiscal year 2023, up from Rs 213 crore in the previous fiscal year. This marks a growth rate of over 40%. Lord's Mark Industries' diverse portfolio services notable clients such as the Life Insurance Corporation of India (LIC) and the Indian Army, underscoring its significant role across various sectors within the Indian economy.
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