MILAN, July 1 Italian pharmaceuticals company
Rottapharm Madaus said on Tuesday it would offer 50 million
shares, or 25 percent of its capital, in its initial public
offering at a price of 7.25-9 euro per share.
The price range would value the company, controlled by
Italy's Rovati family, at between 1.45-1.8 billion euros
($2-2.46 billion), Rottapharm said in a statement, adding that
Italian market regulator Consob had approved the firm's listing
The offer includes the option to sell an additional 10
million shares, it added.
Three sources close to the matter told Reuters in April the
group aimed to float a 40 percent stake in an IPO that would
value it at up to 2.2 billion euros.
The number of new shares issues has picked up across Europe
in recent months, spurred by an improved economic outlook and
rising equity markets, thanks in part to ultra-loose monetary
In Tuesday's statement, Rottapharm said a minimum of 2.5
million shares will be offered to the general public in Italy,
while the other 47.5 million shares will be reserved for
institutional investors in Italy and abroad. The offer includes
a greenshoe option for between 7.5-9 million shares.
The institutional placement will start on Wednesday and the
public offer on Thursday. Both will end on July 10.
All shares in the IPO will be sold by Rottapharm's owner
Fidim, which will remain the controlling shareholder with a 75
percent stake after the IPO. Should the additional shares be
offered and the greenshoe option exercised, Fidim's stake would
fall to 65.5 percent, Rottapharm added.
Deutsche Bank, Goldman Sachs and J.P.
Morgan act as global coordinators in the offering. They
also serve as joint bookrunners along with Jefferies, Morgan
Stanley and Banca IMI.
Rottapharm, based in the northern Italian city of Monza,
started in 1961 with the creation of a small independent
research laboratory. Its expansion culminated in 2007 when it
acquired German multinational Madaus Pharma. Now it is a global
player with a presence in more than 85 countries.
($1 = 0.7331 Euros)
(Reporting by Agnieszka Flak; Editing by Tom Heneghan)