Business Irish

Wednesday 21 August 2019

Uniphar hails IPO 'milestone'

Pharma

Uniphar chief executive Ger Rabbette. Photo: Brendan Lyon/Imagebureau
Uniphar chief executive Ger Rabbette. Photo: Brendan Lyon/Imagebureau

The CEO of Uniphar has described the start of the group's trading on Euronext Dublin as a "major milestone" in its history.

Last week, the company raised €150m in its initial public offering on the Dublin and London stock exchanges.

Ger Rabbette, CEO of Uniphar, said: "With a strong platform for growth in place in our two high-growth divisions - clinical and commercial, and product access - [the] listing on the Euronext Growth market will help fuel our strategy, which will see us doubling earnings before interest, taxation, depreciation and amortisation over the next five years."

He added that the listing will help the group 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.

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