Indian healthcare IPOs raise $300M

A pair of Indian IPOs raised over $300 million this week and demonstrated that the country's pharmaceutical industry remains in demand for institutional investors. Generics maker Alkem Laboratories raised $201 million by pricing its shares at the top of the 1,020-1,050 rupee range ($15.33-$15.78) with the IPO oversubscribed 44.3 times. The company is expected to start trading around Dec. 29. Alkem has a U.S. subsidiary that has been in hot water with the U.S. Food and Drug Administration for being connected to selling unapproved drugs. Meanwhile, Dr Lal PathLabs, which runs a chain of diagnostic centers, says its $100 million IPO was oversubscribed 2.64 times with institutional buyers oversubscribing their tranche by 6.13 times. The company raised $64 million from cornerstone investors. At the end of September the company was said to have a total of 171 clinical labs and 1,554 patient service centers. Reports from Reuters and Economic Times

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