Norway's Pronova sets up to $1.57 bln IPO
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.
NEW YORK - Stocks posted their largest drop in a month on Wednesday as traders locked in recent gains after a provisional budget deal out of Washington removed one of the near-term reasons for the Fed to keep up its current pace of economic stimulus.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.