Galderma IPO is the largest IPO in Switzerland since 2017
Published: Friday, Mar 22nd 2024, 11:21
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Galderma got off to a flying start on the Swiss stock exchange on Friday. Investors paid significantly more than the issue price for the skin care specialist's shares. The company's stock market debut is therefore likely to be one of the biggest IPOs of the entire year in Europe.
At 61.00 francs, the first price paid for the new IPO was around 15 percent higher than the issue price of 53 francs. The company was thus valued at around CHF 14.5 billion at the start of trading.
It is the largest IPO placement in Switzerland since 2017, SIX announced on Friday. "As the newest member of the SIX Swiss Exchange, I am proud that Galderma's IPO has been so successful," Galderma CEO Flemming Ørnskov was quoted as saying in the press release.
At 9.45 a.m., Galderma shares are traded on the Swiss stock exchange SIX at 61.50 Swiss francs. This corresponds to a premium of around 16.0 percent on the issue price. To date, around 3 million shares have been traded.
Former Nestlé unit
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. There may also be an over-allotment option of around 5.6 million shares.
The company intends to use the proceeds from the sale of the newly issued registered shares primarily to strengthen its balance sheet by repaying and refinancing debt. The company will be included in the Swiss Performance Index (SPI) and its sub-indices on the second trading day, i.e. Monday, March 25, 2024.
Botox and skin care
In addition to sun creams such as "Daylong", Galderma also offers medicines for skin diseases such as acne, psoriasis and rosacea. The company's portfolio also includes products against skin cancer. Galderma is also active in the production of Botox and offers various Botox brands.
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 of Galderma with around 80 percent.
Galderma's listing on SIX is the first traditional IPO in this country since 2022, when the real estate group Epic Suisse went public. Galderma's IPO is one of the largest in Europe for two years.
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