'Lord's Mark Industries will raise funds for transformative initiatives'

Mumbai: Lord’s Mark Industries, a diversified business group, announced that it is aiming to hit the capital markets and go for public listing in the first half of 2024 to raise up to Rs. 500 crores. The decision to go public in 2024 marks a strategic move to raise funds for transformative initiatives. The funds will be allocated to capital expenditures, working capital for new projects, and significant investments in R&D and technology expansion.

Commenting on the plan to go public to ETHealthworld, Sachidanand Upadhyay, Managing Director, Lord's Mark Industries Pvt. Ltd, said, "Our decision to go public in 2024 marks a strategic move to raise funds for transformative initiatives. The funds will be allocated to capital expenditures, working capital for new projects, and significant investments in R&D and technology expansion."

Lord’s Mark Industries to invest the proceeds in its subsidiaries to develop medtech products, production of innovative diagnostic solutions, expand its pathology lab pan India, and export its medical diagnostic products and machines. IDBI Capital and Mirae Asset are the merchant bankers for the listing.

He further stated that the company's medtech innovations, developed in collaboration with prestigious institutions like IIT-Bombay and BARC, include groundbreaking oncology solutions. These range from world-patented sickle cell testing equipment to a rapid oral cancer testing machine and a zero-human intervention machine for TB, all boasting an impressive 100 per cent accuracy level.

"To facilitate mass production of these innovative diagnostic solutions, Lord's Mark Industries plans to leverage the funds for infrastructure development and skilled manpower. Additionally, the company aims to launch 400 pathology labs across India in the next 5 years under the Affordable Medical Infra (AMI) scheme. Already making strides in global markets, exports to Nepal, Bangladesh, and Sri Lanka have commenced, with African operations set to begin by March 2024. We are not just going public; but spearheading a revolution in medtech with a commitment to accuracy, innovation, and global impact," Upadhyay concluded