Skin care company Galderma's shares open higher on stock market debut (updated)
22/03/2024 08:11
(Adds details, background)
ZURICH, March 22 (Reuters) - Skin care company Galderma
GALD.S shares started trading at 61 Swiss francs ($67.85) on
the SIX Swiss Exchange on Friday, up from the final price for
its initial public offering of 53 Swiss francs per share.
Galderma's IPO, which was announced earlier this month, is
likely to be one of the biggest in Europe this year. A
successful debut could trigger other big flotations.
With an implied placement volume of up 2.3 billion francs,
it is also the biggest in Switzerland since smart meter maker
Landis + Gyr LANDI.S raised a similar amount in 2017.
Rising equity markets and the prospect of lower interest
rates are helping to stoke investor interest in IPOs, although
some companies have seen their shares drop after their debut.
Galderma, originally set up as a joint venture between
Nestle NESN.S and L'Oreal OREP.PA , sells Cetaphil, a product
for damaged and sensitive skin, as well as muscle relaxants,
fillers and creams to treat medical problems for conditions like
rosacea.
The IPO, which consisted mainly of new shares, will
generate gross proceeds of 2 billion francs, which the company
has said it will use to pay down debt.
($1 = 0.8991 Swiss francs)
(Reporting by John Revill and Dave Graham, editing by Rachel
More and MIranda Murray)
((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))