ZURICH (Reuters) - Swiss medical devices maker Medartis MED.S priced its initial public offering at 48 Swiss francs ($50.61) per share, implying a market capitalization of 563 million francs and a free float of 24.6 percent including over-allotment shares, it said on Thursday.
That was in the middle of the indicated price range of 44 to 54 francs per share for the deal in which Zuercher Kantonalbank [ZKB.UL] and Bryan, Garnier & Co are joint global coordinators and joint bookrunners for Medartis, while Kepler Cheuvreux is acting as co-manager. Quarton International is acting as financial adviser.
Gross proceeds of 123.9 million francs, or 142.6 million including the over-allotment shares, will be used to finance the company’s strategic growth, it added in a statement.
Trading on the SIX Swiss exchange begins on Friday.
Reporting by Michael Shields