French lab group Labco has released its prospectus and is expected to IPO in the first half of 2015 - our sources say May is most likely. It expects to raise €320 million from the deal. Investors will be attracted by solid EBITDA margins of 18.4% on revenue of €650m in 2014 – calculated on a pro forma basis to include earnings of recent acquisition SDN Group. But the highly regulated lab market presents substantial challenges.