Proceeds from Uniphar IPO fail to meet €150m target
Uniphar chief executive Ger Rabbette. Photo: Brendan Lyon/Imagebureau
Irish pharmaceuticals group Uniphar has raised a total of €139m from its initial public offering, below its highest target of €150m.
The company floated at a price of €1.15 on the Euronext Growth Index in Dublin and London's Aim market last month, raising €135m.
Last month’s placing included an over-allotment of shares granted to Davy, as “Stabilisation Manager,” which, if exercised in full had the potential to raise the gross proceeds of the IPO to €150m.
However, today the group said that just €4.39m was raised following the exercise of the shares.
Money raised from the IPO will be used to fund extra capital expenditure and working capital for growth of the enlarged business.
The group's ...