Norway's Pronova sets up to $1.57 bln IPO

OSLO Wed Sep 26, 2007 3:50am EDT

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OSLO (Reuters) - Norwegian bio-pharmaceutical firm Pronova Biopharma PRON.OL is offering 105.9 million shares in connection with its planned listing on the Oslo bourse next month, valuing the firm at $1.25 billion to $1.57 billion.

Pronova Biopharma develops and produces pharmaceutical products derived from a fish oil called Omega-3.

Pronova Biopharma plans to issue 25 million new shares and sell 80.9 million existing shares at an indicative price range of 23 to 29 Norwegian crowns in its initial public offering, the company said in a statement on Wednesday.

Book-building is set to run from September 26 to October 10, and the first day of the listing is expected to be October 11.

The company's main shareholder, Ferd Private Equity Fund I (FPE), will offer to sell 70 million of the 80.9 million existing shares, and will own about 62 percent of the company after the sale excluding a greenshoe.

Carnegie and UBS Investment Bank are acting as joint lead managers and ABG Sundal Collier Norge, Arctic Securities ASA and DnB NOR Markets as co-lead manager.

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