India’s Neuberg Diagnostics planning IPO within six months, says managing director

By Rishika Sadam

March 17 (Reuters) – India’s Neuberg Diagnostics plans to go public in the next six months, or by the start of 2027 at the latest, a top executive told Reuters, betting on rapid growth in a country grappling with chronic disease and an ageing population.

The Chennai-based chain is focusing on increasing its market share in the advanced radiology and pathology segments in a diagnostic services market that’s expected to nearly triple to $43.57 billion by fiscal 2032 from $16.23 billion in 2023, according to data from Polaris Market Research.

Rising health awareness and a steadily ageing population vulnerable to chronic diseases such as diabetes and heart disease are driving higher testing volumes. India’s population aged 60 and above is projected to more than double to over 20% of the total population by 2050, according to the United Nations Population Fund.

“Our revenue from radiology is around 22% of the total and from advanced pathology is 15%, and we expect radiology to contribute to a third of the revenue and two-thirds from pathology (including advanced),” said Chairman and Managing Director GSK Velu.

Velu did not specify details around the initial public offering, including the IPO size and the company’s intended valuation.

Neuberg, which has about 200 clinical labs and several sample collection centers across the country, was valued at $547 million as of December, according to market research firm Tracxn.

Listed rivals Metropolis Healthcare and Thyrocare Technologies are valued at 95.06 billion rupees ($1.03 billion) and 57.13 billion rupees, respectively.

Neuberg is targeting a revenue of 20 billion rupees in fiscal 2027, up from 16 billion rupees it expects to close fiscal 2026 with, Velu said. It also offers services in South Africa and has a genetic laboratory in the U.S., he added.

($1 = 92.4290 Indian rupees)

(Reporting by Rishika Sadam; Editing by Janane Venkatraman)