Galderma shares start at 61 Swiss francs on the Swiss stock exchange
Published: Friday, Mar 22nd 2024, 10:40
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The shares of skin care specialist Galderma had a successful start on the Swiss stock exchange on Friday. At 61.00 Swiss francs, the first price paid for the new addition to the stock exchange was significantly higher than the issue price of 53 Swiss francs.
The company is thus valued at around CHF 14.5 billion. At shortly before 9.15 a.m., Galderma shares were still trading on SIX at CHF 60.33, which represents a premium of around 14 percent on the issue price.
The former Nestlé division announced its IPO on the SIX just over three weeks ago. A total of around 37.2 million new shares and around 0.28 million existing shares were placed on the stock exchange. There may also be an over-allotment option of around 5.6 million shares.
In addition to sun creams such as "Daylong" and anti-ageing products, Galderma also offers medicines for acne, psoriasis and skin cancer. The company was spun off from Nestlé in 2019 and sold to a consortium led by EQT for CHF 10.2 billion.
The aforementioned consortium also includes the sovereign wealth funds GIC from Singapore and the Abu Dhabi Investment Authority. All three want to remain invested - they continue to hold a clear majority in Galderma with around 80 percent.
Galderma's listing on SIX is the first traditional IPO in Switzerland since April 2021, when pharmaceutical supplier Polypeptide floated its shares on the Swiss stock exchange. Galderma's IPO is one of the largest in Europe for two years.
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