Gets bids for 27.12 crore shares
The initial public offer (IPO) of Dr. Lal PathLabs received bids for a total of 27.12 crore shares. The IPO was subscribed 33.41 times. The bidding for the IPO ended yesterday, 10 December 2015.
As per the breakdown of subscription for the IPO according to various categories of investors, qualified institutional buyers (QIBs) portion was subscribed 63.56 times, non institutional investors portion was subscribed 61.28 times, and retail individual investors (RIIs) portion was subscribed 4.24 times.
The IPO comprised of offer for sale of 1.16 crore equity shares of Rs 10 each. At the lower price band of Rs 540 per share, the issue size works out to Rs 626.40 crore and at the higher price band of Rs 550 per share, the issue size is Rs 638 crore. The selling shareholders comprise promoters Dr Arvind Lal, Dr Vandana Lal, Eskay House (Hindu undivided family) and Anjaneya Lal offering 0.41 crore shares and other selling shareholders West bridge Crossover Fund LLC, Wagner and Sanjeevini Investment Holdings offering 0.75 crore shares. Retail individual bidders will get a discount of Rs 15 on the offer price.
Earlier, Dr. Lal PathLabs raised Rs 191.40 crore by selling 34.80 lakh shares to a total of 15 anchor investors ahead of the company's initial public offer (IPO). The shares will be allotted to the anchor investors at Rs 550 per share, the top end of the Rs 540-Rs 550 per share price band for the IPO.
Among anchor investors, D B International Asia will be allocated 5.72 lakh shares, Merrill Lynch Capital Markets Espana S.A., S.V. will be allocated 6.11 lakh shares, Morgan Stanley Mauritius Company will be allocated 1.95 lakh shares, Fidelity Investment Trust Fidelity International Discovery Fund will be allocated 1.83 lakh shares, T. Rowe Price International Discovery Fund will be allocated 1.83 lakh shares, First State Investments (Hong Kong) First State Indian Subcontinent Fund will be allocated 1.83 lakh shares, JPMorgan India smaller Companies Fund will be allocated 1.83 lakh shares, and Wasatch Emerging India Fund will be allocated 1.83 lakh shares among others.
Dr. Lal PathLabs aims to achieve the benefits of listing the equity shares on the stock exchanges through the OFS.
On a consolidated basis, Dr. Lal PathLabs reported profit after tax of Rs 36.93 crore on total sales of Rs 405.04 crore in the half year ended 30 September 2015.
Dr. Lal PathLabs is a provider of diagnostics and related healthcare tests and services in India. The established consumer healthcare brand in diagnostic services has a catalogue of 1,110 test panels, 1,934 pathology tests and 1,561 radiology and cardiology tests to undertake the entire gamut of routine and specialized tests. Customers include individual patients, companies and institutions, healthcare providers as well as hospital and clinical labs.
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