July 18 Catalent Inc IPO-CTLT.N, controlled by
Blackstone Group LP, said it expects its initial public
offering to be priced between $19 and $22 per share, valuing the
company at about $2.57 billion at the top end.
The IPO of 42.5 million shares is expected to raise about
$935 million at the top end of the range.
Catalent, which is selling all the shares in the offering,
provides drug development services and drug delivery products to
The company's major customers include Pfizer Inc,
Johnson & Johnson, GlaxoSmithKline Plc, Merck &
Co Inc and Novartis AG.
Private equity firm Blackstone's stake in Catalent would
drop to about 52.2 percent from about 86.3 percent if the
underwriters exercise their option to buy more shares.
Catalent, which Blackstone bought in 2007, was part of
Cardinal Health Inc.
The company is led by John Chiminski, a former chief
executive of GE Medical Diagnostics.
Net proceeds from the offering would be used to repay debt,
New Jersey-based Catalent told the U.S Securities and Exchange
Commission in a filing. (1.usa.gov/1mVoy9Z)
Net loss attributable to Catalent widened to $46.7 million
in 2013 from $40.4 million a year earlier. Revenue rose about
6.2 percent to $1.8 billion.
Morgan Stanley, J.P. Morgan, BofA Merrill
Lynch and Goldman Sachs & Co are among the
(Reporting by Avik Das in Bangalore; Editing by Sriraj