In-vitro Diagnostic company Transasia Bio-Medicals Ltd is mulling an initial public offering (IPO) in the next 2-3 years to enter the USD 70 billion global diagnostic medical equipment market, a company official said.

"We would need funds for aggressive global expansion. We are planning an IPO in India in the next 2-3 years. By then, we hope to roll out the full range of products in the diagnostic space including those that are in development or trial stage now," Transasia Bio-Medicals Managing Director Suresh Vazirani told PTI.

The company, in the last decade, has pumped in Rs 1,000 crore for acquiring 18 companies in over a dozen countries like the US, Russia and European countries including UK, France, Germany, Czech Republic and Italy. Vazirani said the company is a clear leader in the diagnostic equipment market in India which is valued at USD 1 billion.

"The global market size is USD 70 billion. Our growth potential is also now poised more in the international market," he said. He said that in the current fiscal, Transasia will earn a revenue of around Rs 1,300 crore, of which domestic revenue will account for Rs 850 crore. "We are expecting to introduce high-end TB test solution at a fraction of cost that prevails now. Trials are already in progress," Vazirani said.