Irish company Uniphar raises €150m from IPO
Irish pharmaceuticals group Uniphar has raised €150m in its Initial Public Offering (IPO) on the Dublin and London stock exchanges.
The company floated at a price of €1.15 on the Euronext Growth Index in Dublin and London’s AIM market.
Admission is expected to become effective on 17 July 2019.
Uniphar will use the proceeds of the listing to complete the acquisition of Durbin and to acquire bolt-on companies.
In addition, the money will be used to fund additional capital expenditure and working capital for growth of the enlarged group.
Under the listing, the group is issuing 117,391,304 ordinary new shares.
The share placing includes an over-allotment option of 13,043,478 ordinary shares granted to Davy, as “Stabilisation Manager,” which, if exercised in full raises the gross proceeds to €150m.
Ger Rabbette, CEO of Uniphar said: “I am delighted by the response we have received from the market to our business and the support shown for the significant opportunities that lie ahead.”
“We have an ambitious strategy for expansion and growth in the coming years and we are now very well placed to progress to the next exciting development phase."
Prior to the IPO Uniphar’s 1,100 owners were largely made up of the owners of independent pharmacies in Ireland who are also core customers.