The Sultan says the serial number is G3950, indicating a 1972 bike, probably. The Bocama pro lugs are consistent with a gransport or competition (in this era, blue & white bikes of both type existed.) I am quite surprised by the campagnolo dropouts, since most gransports / competitions had zeus or huret or stamped dropouts, although as I said, I have a 1967 competition with campy dropouts and nervex chromed lugs.
A 1969 professional has zeus dropouts, according to Rich Pinder and Mt. Airy Cycles (bike #1330).
So, mea culpa, it looks more likely now to be a 1972 Gransport or Competition to me. I apologize for the mistaken identification. The original color was probably either lilac or white and blue. I think the 27.0 seatpost is either a reaming or a measurement error. In this era the gransport had "531 db main tubes only".
David Vann takes the prize as best raleigh mystery frame identifier!!!
- Don Gillies
San Diego, CA