Neuberg Diagnostics to file IPO papers in early 2027, partners with Mahajan Imaging for North India push
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Neuberg Diagnostics, one of India’s fastest-growing diagnostics companies, is preparing to tap the public markets in early 2027, founder, chairman and managing director G.S.K. Velu said.
The Chennai-based company is also exploring a ₹400-500 crore pre-IPO fundraise to finance acquisitions and accelerate its expansion across the country, Velu said in an interview with Fortune India.
He said the IPO is tentatively planned for calendar 2027, although the timing and size of the issue have not yet been finalised.
“We are currently exploring a pre-IPO,” Velu said, adding that the proposed fundraise could be in the range of ₹400-500 crore. He declined to provide details on the potential IPO size or the mix of fresh issue and offer for sale.
The proposed listing is aimed at supporting Neuberg’s expansion as it seeks to maintain its growth momentum, deepen its presence across India and potentially expand its international footprint into the Middle East, including the UAE, and Africa, including South Africa.
“We are growing faster than the peers, hopefully to keep the same pace and go deeper into India and possibly explore some of the international markets like Middle East Africa,” Velu said.
Partners with Mahajan Imaging
Neuberg’s IPO plans come alongside its latest strategic partnership with Delhi-based Mahajan Imaging & Labs, founded by radiologist Harsh Mahajan, to build an integrated diagnostics network across Delhi-NCR and seven states in North India.
The partnership will combine Mahajan Imaging’s strengths in imaging and nuclear medicine with Neuberg’s expertise in pathology and advanced diagnostics, including genomics and molecular diagnostics.
Velu said the two organisations had spent nearly two years discussing the partnership before deciding to come together. The model will focus on integrated diagnostic centres, laboratories, wellness services and emerging areas such as longevity diagnostics.
Focus on integrated diagnostics
Mahajan Imaging & Labs has around 15 centres across the Delhi-NCR region and plans to use the partnership to expand beyond its traditional geography. Harsh Mahajan said the objective is to take quality diagnostics to smaller cities and towns through a hub-and-spoke model.
“The decision to associate with Neuberg is rooted in where diagnostics is headed. Radiology, pathology and genomics today do not exist in isolation,” he said.
“It is an important step in expanding the pathology capabilities of Mahajan Imaging & Labs in a seamless manner, while further strengthening our role in a more connected diagnostic ecosystem,” he added.
For Neuberg, the partnership marks another step in its strategy of bringing pathology and radiology under an integrated platform. The company initially built its presence in pathology across southern and western India before expanding into imaging through partnerships.
The company’s near-term focus will be on expanding its footprint in Delhi-NCR and other major cities across North India, with pathology, wellness and longevity diagnostics emerging as key areas of growth.
“Our focus now is to complement that foundation with Neuberg’s pathology, genomics and wellness capabilities, IT and digital infrastructure and operating experience. This gives us an opportunity to build a much more comprehensive diagnostics presence in the region,” Velu said.
He further said that Neuberg expects to become three to four times its current size over the next five years as it expands through a combination of organic growth and acquisitions.