Dr Lal PathLabs zooms 50% on debut

The stock ended 50% higher at Rs 825 on the NSE after hitting a high of Rs 844

Dr Lal PathLabs which made its debut today ended 50% higher at Rs 825 compared to its issue price of Rs 550 per share on the National Stock Exchange (NSE).

Earlier, Dr Lal PathLabs had listed at Rs 720, a 31% premium to its issue price of Rs 550 per share on the NSE.

The stock hit a high of Rs 844 post its lisitng and low of Rs 711 on the NSE.

Over 22.69 million shares were traded on the Bombay Stock Exchange and NSE.

The company, the first healthcare diagnostic company, had offered a discount of Rs 15 per equity share to the issue price to retail investors.

The Rs 638 crore Dr Lal's IPO saw healthy response from investors and was subscribed 33.41 times. The company had raised over Rs 191 crore from anchor investors.

Dr Lal’s 8.1 million share offer was subscribed 63 times in the qualified institutional buyer (QIB) category, 61 times in the high net worth individual (HNI) segment and nearly four times in the retail portion.

The company has not received any proceeds from the issue. All the proceeds go to the selling shareholders. The main purpose of the listing is to provide liquidity and benefits of listing to the existing shareholders.

Dr. Lal PathLabs is a provider of diagnostic and related healthcare tests and services in India. It provides a range of diagnostic and related healthcare services which are used in core testing, patient diagnosis and the prevention, monitoring and treatment of disease and other health conditions.

The customers include individual patients (largest customer group), corporate customers, hospitals and other healthcare providers.