Neuberg Diagnostics Pvt Ltd has completed the merger of Neuberg Supratech Reference Laboratory, Ahmedabad, and Neuberg Anand Reference Laboratory, Bengaluru, thereby setting the ball rolling for its IPO plans, the company said.
With a strategic vision to streamline operations and enhance efficiency, the merger brings together two entities under Neuberg Diagnostics Pvt Ltd.
The merger also paves the way for Neuberg Diagnostics’ launch of its Initial Public Offering (IPO) by 2024 or 2025, a company statement here said.
“This merger marks a significant step forward in our journey to provide unparalleled healthcare solutions. By integrating these renowned laboratories, we reinforce our commitment to delivering excellence in diagnostics and patient care,” said Neuberg Diagnostics Chairman and Managing Director GSK Velu.
As a result of the acquisition, the group gross revenue of Neuberg Diagnostics is expected to be over Rs 1,000 crore during the current financial year.
The company can leverage its enhanced capabilities to expand and offer an extensive range of cutting-edge diagnostic services to patients across India and beyond.
Following the merger, Neuberg Diagnostics rejigged its senior management with Sandip Shah being elevated as Joint Managing Director and Sujay Prasad as the Chief Medical Director.
A Ganesan would continue as the Vice Chairman of Neuberg Diagnostics.
“Our leadership team is the cornerstone of our success; with me, A Ganesan, Sandip Shah, and Sujay Prasad on the Board of Directors, Neuberg Diagnostics boasts of one of the most experienced leadership teams at the board level,” Velu noted.
The merger aligns with the company’s growth strategy, enabling it to attract additional resources for expanding its operations, the statement said.