The Mainz-based manufacturer of special glass, Schott, is taking its pharmaceutical subsidiary public. It produces ampoules and the like made of glass. Brilliant business can be done with this.
The IPO of the pharmaceutical division of the specialty glass manufacturer Schott is taking shape. The initial listing is planned for the end of September. Schott is hoping for revenues of almost one billion euros. Almost a quarter of Schott Pharma is to be listed on the stock exchange. The sole shareholder so far is the Schott subsidiary Glaswerke Beteiligungs- und Export GmbH. The offer will only include existing shares. Schott Pharma produces glass tubes, bottles and syringes for pharmaceuticals.
The price range is 24.50 euros to 28.50 euros per share, Schott Pharma announced on Monday in Mainz. Around 34.6 million shares from the portfolio are to be offered, which suggests a free float of 23 percent. The issue volume is therefore expected to be between 849 million euros and 987 million euros; the total market capitalization is around 3.7 billion to around 4.3 billion euros.
According to the announcement, the proceeds from the IPO will flow to the parent company. Schott wants to remain majority owner. “We received very good feedback from the market, both about our business model and our very successful development as well as our growth plans,” said Schott Pharma boss Andreas Reisse.
Qatar Holding as anchor investor
The shares will be offered from September 19th, the deadline is September 27th. The first trading day is planned for September 28th. Qatar Holding, as anchor investor, has committed to purchasing shares with a total value of 200 million euros at the final offer price, subject to the participation being limited to 4.99 percent of Schott Pharma’s share capital.
The securities prospectus still needs to be approved by the financial regulator Bafin. This is expected on September 18th.
Source: Stern
