Successful Flotation Of Gedeon Richter

The Hungarian State Holding Company, AVRt, has completed the flotation of the country's largest pharmaceutical company, Gedeon Richter, with a private placement in Europe. The roadshow to sell shares in the company targeted Paris, Amsterdam, Frankfurt, Vienna, and London.

Richard Csabay of the AVRt told the Marketletter that 4,413,512 shares were sold on international markets at a price of 1,330 forint ($12.30) per share, and that the Hungarian Credit Bank acquired 37,100 of them.

The AVRt now holds a 62.5% stake in Gedeon Richter; it held an 86.9% stake before the placement. The sale of the shares, which is being combined with a capital increase, should bring Richter around $52.4 million.