ALS to Raise Up to A$390 Million to Grow Laboratory Network

Australia’s ALS Ltd. is seeking to raise up to A$390 million ($253 million) as the testing services company looks to expand its laboratory network.

ALS plans to raise the capital through a fully underwritten A$350 million institutional placement, according to an exchange statement Tuesday. The new shares will be offered at A$16.70 apiece, representing a 5.3% discount to Monday’s close. It will also undertake a non-underwritten share purchase plan of up to A$40 million.

Most of the proceeds will be used to fund organic investment in the company’s laboratory network, the filing said. The rest will be used on other ...