ZURICH (Reuters) - Shares in Swiss medical devices maker Medartis (MEDA.S) rose around 12 percent in early trading on Friday from the issue price of 48 Swiss francs per share in an initial public offering that implied a market capitalization of 563 million francs.
Zuercher Kantonalbank [ZKB.UL] and Bryan, Garnier & Co were joint global coordinators and joint bookrunners for Medartis, while Kepler Cheuvreux acted as co-manager. Quarton International was financial adviser.
Gross proceeds from the IPO of 123.9 million francs, or 142.6 million including over-allotment shares, will be used to finance the company’s strategic growth.
Reporting by Michael Shields; Editing by Brenna Hughes Neghaiwi