The biotechnology company Promomed, which produces an analogue of Ozempic, held an IPO on the Moscow Stock Exchange at the upper limit of the price range: the price per share was 400 rubles. As a result of the placement, the manufacturer raised about 6 billion rubles. Trading will begin on July 12 under the symbol PRMD.
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Applications were collected from July 5 to July 11, and media outlets previously reported that the company could raise up to 10 billion rubles.
As a result of the IPO, the company’s capitalization will reach 85 billion rubles. Part of the funds raised during the placement will be retained to stabilize the quotations at the auction.
The funding received will be used for the development, registration and market launch of innovative medicines, Promomed says. In addition, a debt reduction scenario is allowed.
A significant portion of approved applications came from institutional investors, with the allocation amounting to 82.5% of the placement volume.
The allocation to retail investors amounted to 13.9%, another 3.6% to senior managers.
The company said it sought to “ensure a balanced allocation” between retail and institutional investors.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
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