Thu, Mar 21st 2024
Galderma’s IPO soars, setting the issue price at 53 francs amid overwhelming demand.
The skin care group Galderma has set the issue price for its IPO at 53 Swiss francs per share. The issue price was thus at the upper end of the price range of 49 to 53 Swiss francs, as the company announced on Thursday.
Thanks to strong demand from Swiss and international investors, the IPO was “oversubscribed many times over”, according to the statement. The shares will be listed and traded on the SIX Swiss Exchange from (tomorrow) Friday under the ticker symbol “GALD”.
The issue price of CHF 53 corresponds to a market capitalisation of CHF 12.6 billion upon listing, according to the press release. The IPO is expected to be completed on March 25, 2024, the second trading day of the shares. From then on, the shares will be included in the most important indices, such as the Swiss Performance Index (SPI) and the SPI Extra.
The offer consisted of 37.2 million newly issued registered shares and 276,909 existing registered shares. In addition, there is a possible over-allotment option of up to 5.6 million shares. Including these, the company is likely to receive up to CHF 2.3 billion.
©Keystone/SDA
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