Pharmstandard raises $880M in IPO
Russian generic drugmaker Pharmstandard raised $880.0 million in an Initial Public Offering that values the company at $2.2 billion (Marketletter April 23).
The offering was priced at $58.20 per share and $14.55 per global depositary receipt, and the firm noted that strong institutional demand was received across all regions in which shares and GDRs were offered.
The company, which is Russia's fourth largest pharmaceuticals group and the first to access international equity capital markets, is part-owned by Roman Abramovich, but it is unknown how much the multi-billionaire earned from the IPO.
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