Medical products firm Convatec has today priced its initial public offering (IPO) at 225p per share and expects to float on Halloween.
The deal, which will see 33.8 per cent of the company’s shares list on the London Stock Exchange, raising £1.5bn, values the company at £4.4bn.
Conditional dealings in the shares commenced today at 8am, and admission to the official list on the main market is due for next Monday.
It has been a tough year for London’s IPO market, with the EU referendum and Brexit vote prompting some companies to shy away from offerings.
Earlier this month, Pure Gym, TI Fluid Systems and Mountain Warehouse pulled plans to float, while Biffa was forced to slash the price of its offer.
“We are very pleased by the investor interest in our IPO and we are delighted to welcome our new shareholders,” said Convatec chief executive Paul Moraviec.
Convatec is a world leader in markets which are large and structurally growing, driven by increasing life expectancies and incidences of chronic health conditions.
We have implemented a clear growth strategy which is now showing solid results through product innovation, new market entry and investments in direct-to-consumer engagement, in addition to which we are implementing a margin improvement program.