Dr Lal PathLabs' IPO subscribed 65% on Day 1

Diagnostic chain Dr Lal PathLabs' initial public offer started on a promising note today as the issue was subscribed 65 per cent on the first day of the offer.
The public issue received bids for 52,54,080 shares against the total issue size of 81,20,000 shares, as per NSE data till 1700 hours.
The quota reserved for qualified institutional buyers (QIBs) was over-subscribed 1.22 times.
The portion set aside for non institutional investors received 39 per cent subscription, while retail investors lapped up 43 per cent.
Dr Lal PathLabs yesterday raised over Rs 191 crore from anchor investors by selling shares at a price of Rs 550 apiece.

The company's initial public offer, which aims to raise up to Rs 638 crore, will close on December 10.

Price band for the offer has been fixed at Rs 540-550 per share.
Kotak Mahindra Capital Company and Citigroup Global Markets India Private are the book running lead managers to the issue.
At the end of September, the firm was operating 171 clinical laboratories and 1,554 patient service centres, besides having more than 7,000 pick-up points.