Galderma, the pure-play dermatology business that recently listed on the SIX Swiss exchange, has taken total size of the transaction to around CHF2.3bn (US$2.54bn) with the full exercise of the 15% over-allotment option. Some additional 5,626,592 shares were sold to the global coordinators by sellers EQT, ADIA and Auba Investment at CHF53 per share to raise CHF298m.
Following the full exercise of the over-allotment option, the free float as calculated by SIX is expected to increase from 20.4% to 22.8%.
It is hardly surprising that the greenshoe was fully exercised given the success of the listing, which priced at the top of the range at CHF53, and the subsequent share performance that saw it reach a high of CHF64.73. Shares were last quoted at CHF62.60.
Goldman Sachs, Morgan Stanley and UBS were joint global coordinators and joint bookrunners. BNP Paribas, BofA Securities, Citi and Jefferies were joint bookrunners. Lazard was financial advisor.