Dr Lal PathLabs raises Rs 191 crore from anchor investors

Diagnostic chain Dr Lal PathLabs raisedon Monday over Rs 191 crore from anchor investors by selling shares at a priceof Rs 550 apiece.

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

Price band for the offer has been fixed at Rs 540-550 pershare and the allotment to anchor investors has been done at the higher end.

The IPO committee of the company's board of directors hasfinalised issuing 3.48 lakh shares to 15 anchor investors, Dr Lal PathLabs saidin a regulatory filing.

At the price of Rs 550 apiece, the company would mop up Rs191.40 crore from the anchor investors, including Reliance Life Insurance andBirla SunLife.

Other anchor investors are T Rowe Price InternationalDiscovery Fund, Fidelity Investment Trust Fidelity International DiscoveryFund, JPMorgan India Smaller Companies Fund, SBI Magnum Fund, Birla SunLife,DSP Blackrock Small and Midcap Fund, Kotak Midcap, ICICI Prudential Top 100Fund and Morgan Stanley Mauritius Company Ltd.

Through the initial share sale, Dr Lal PathLabs will sell upto 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 clinicallaboratories and 1,554 patient service centres, besides having more than 7,000pick-up points.