Dr Lal PathLabs raises Rs 191 crore from anchor investors

Diagnostic chain Dr Lal PathLabs today 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 open tomorrow and close on December 10.
Price band for the offer has been fixed at Rs 540-550 per share and the allotment to anchor investors has been done at the higher end.
The IPO committee of the company's board of directors has finalised issuing 3.48 lakh shares to 15 anchor investors, Dr Lal PathLabs said in a regulatory filing today.

At the price of Rs 550 apiece, the company would mop up Rs 191.40 crore from the anchor investors, including Reliance Life Insurance and Birla SunLife.
Other anchor investors are T Rowe Price International Discovery Fund, Fidelity Investment Trust Fidelity International Discovery Fund, JPMorgan India Smaller Companies Fund, SBI Magnum Fund, Birla SunLife, DSP Blackrock Small and Midcap Fund, Kotak Midcap, ICICI Prudential Top 100 Fund and Morgan Stanley Mauritius Company Ltd.

Through the initial share sale, Dr Lal PathLabs will sell up to 1.16 crore shares representing 14.04 per cent stake in the company.
Dr Lal PathLabs promoter and CMD Arvind Lal, Wagner Ltd, Westbridge Crossover Fund and Sanjeevini Investment Holdings Ltd, among others, will be selling stake in the IPO.

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.