Ambev Stock- Biotech Philogen expected to be priced at 17 eur/shr, bookrunner says
Recasts, adds new details
MILAN, Feb 26 (Reuters) – The initial public offering (IPO) of Swiss-Italian biotech group Philogen is expected to be priced at 17 euros per share,in the upper part of the initial range, one of the bookrunners managing the offer told investors on Friday.
Books for the offer, which will close on Friday at 1400 GMT, are oversubscribed at that price level, the bookrunner added.
At 17 euros per share the company, which develops biopharmaceuticals for the treatment of life-threatening conditions, is expected to have a market cap of 690 million euros ($836 million).
Philogen will raise fresh capital of around 69 million euros from the offering of new shares, in the first IPO on Italy’s main market this year after a 2020 which saw very few listings.
Philogen is set to debut on the Milan bourse on March 3.
($1 = 0.8254 euros)
(Reporting by Elisa Anzolin, writing by Maria Pia Quaglia, editing by Agnieszka Flak and Jason Neely)
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