Monday, October 03, 2016
Convatec, a global medical products and technologies group, today announces that it intends to proceed with an initial public offer.
In year ended 31 december 2015, group generated revenue of $1,650.4 million, adjusted ebitda of $473.8 million and adjusted ebit of $436.8 million.
Offer is expected to raise gross primary proceeds of approximately $1.8 billion from an issue of new shares by company.
Company intends to target a free float of at least 25% of company's issued share capital.
It is expected that admission will take place in late october or early november 2016.
Sir christopher gent will be formally appointed to company's board of directors ( "board") as non-executive chairmanConvatec intends to apply for admission of company's ordinary shares ("shares") to premium listing segment of official list of financial conduct authority and to trading on main market of london stock exchange.
In six months ended 30 june 2016, group generated revenue of $828.9 million, adjusted ebitda of $226.2 million and adjusted ebit of $209.0 million.
Offer will provide an opportunity for a partial realisation by company's ultimate shareholders, nordic capital ("nordic capital") and avista capital partners.
Source : reuters.com
