'Major milestone' as Uniphar begins trading on Euronext Dublin
The CEO of Irish pharmaceuticals group Uniphar has described the commencement of the group’s trading on Euronext Dublin as a "major milestone" in its 50 year history.
Last week the company raised €150m in its initial public offering (IPO) on the Dublin and London stock exchanges.
At this morning’s listing ceremony in Dublin, Uniphar CEO Ger Rabbette said: "Today marks a major milestone in Uniphar’s 50-year history."
"With a strong platform for growth in place in our two high growth divisions (clinical & commercial and product access), today’s listing on the Euronext Growth market will help fuel our strategy which will see us doubling earnings before interest, taxation, depreciation, and amortisation (EBITDA) over the next five years."
He added that the listing will help the group to attract new investors and capital from across Europe.
The company floated at a price of €1.15 on the Euronext Growth Index in Dublin and London's Aim market last week.
It was the first company to float on Euronext Dublin, formerly the Irish Stock Exchange, this year after a number of listings were postponed citing market turbulence late last year.
Uniphar will use the proceeds of the listing to complete the acquisition of UK pharmaceutical supplier Durbin, and to acquire bolt-on companies.
In addition, the money will be used to fund extra capital expenditure and working capital for growth of the enlarged business.