Healthcare and drug distribution group Uniphar has said the total proceeds from its initial public offering (IPO) amount to €139 million, some €11 million off its maximum target, as equity markets succumbed to volatility in the past four weeks.
The company raised an initial €135 million by selling shares at €1.15 each before floating in Dublin and London on July 17th. The company also stood to raise a further €15 million through the placing of so-called over-allotment shares within 30 days of the deal.
However, Uniphar, led by chief executive Ger Rabbette, said in a statement on Friday that only €4.39 million was being raised from the triggering of the over-allotment option.
Shares in the company fell by as much as 1.5 per cent during trading in Dublin before rallying 0.4 per cent to €1.14 in afternoon trade, leaving it with a market value of €311.2 million.
Uniphar was formed in 1994 through the merger of United Pharmacists Co-op and Allied Pharmaceutical Distributors.
Uniphar made over two-thirds of its €46.3 million of earnings before interest, tax, depreciation and amortisation (ebitda) last year from its two growth divisions.
These are commercial and clinical, which helps pharmaceutical companies and medical device manufacturers with marketing and distribution, and product access, which sources and supplies unlicensed medicines for retail and hospital pharmacy customers and manages the release of speciality medicines for drug-makers to approved patients.
Uniphar plans to more than double ebitda to almost €100 million over the next five years by using proceeds from the share sale for investment and acquisitions.
