Pharmstandard prices shares at upto $58.20

Leading Russian drugmaker OJSC Pharmstandard says that the price range for the initial offering of its ordinary shares and global depository receipts is between $11.55 and $14.55 per GDR and $46.20 and $58.20 per share, with four GDRs representing one share (Marketletter April 23).

This price range reflects an implied market capitalization for Pharmstandard of between approximately $1.75 billion and $2.20 billion. The selling shareholder has granted the joint global coordinators an over-allotment option to purchase GDRs representing up to 15% of the total number of GDRs to be sold in the offering.

The company intends to seek inclusion of the GDRs on the official list of the UK Listing Authority and an admission to trading on the regulated market of the London Stock Exchange and of its shares on the Moscow Interbank Currency Exchange. The shares are listed on the Russian Trading System. The bookbuilding process and international roadshow began on April 23 and the company has appointed Citi and UBS Investment Bank as joint global coordinators of the offering.