New Delhi based - Super Religare Laboratories (formerly SRL Ranbaxy) is planning to float an IPO to raise upto Rs 200 cr by diluting 15-20%. 

The company is also negotiating with several PE investors including ICICI Ventures, Yes Bank, GM Financial and Standard Chartered for a pre-IPO deal.

The proceeds of the IPO will be utilized to finance its organic and inorganic expansion plans. The company has plans to invest about Rs 300 cr for the diagnostic and retail venture in the next 18 months.

Super Religare services about 4,000 hospitals and over 50,000 doctors through its pathology laboratory network across the country. Established in 1996, Super Religare also operates in Gulf, UK and other SAARC nations.

The company is also in advanced negotiations with two firms for acquisition and the deal size colud be in the range of Rs 20 cr. The company had last year Dubai-based diagnostic laboratory chain, Mena Healthcare for $20 mn.

The diagnostic domain has recently attrated investments from PE funds, with Sequoia Capital and ICICI Venture investing in Dr Lal Pathlabs and Metropolis, respectively. The two diagnostic chains are planning IPOs but not immediately.

SRL Ranbaxy is owned by Malvinder Singh and Shivinder Singh, the former promoters of Ranbaxy. The company is considering forging a strategic alliance with its group pharmacy chain, Religare Wellness, before the fundraising.