Online pharmacy Zur Rose IPO to raise up to 230 mln Sfr (updated)
22/06/2017 06:24
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ZURICH, June 22 (Reuters) - Online pharmacy Zur Rose Group
ZUROS.UL plans to raise up to around 230 million Swiss francs
($236.6 million) in an initial share sale, the Swiss company
said on Thursday, with the cash to help grow operations
including its DocMorris unit in Germany.
The IPO, with a price range of 120 francs to 140 francs per
share, would value the company at between 780 million francs and
870 million francs, Zur Rose said.
Zur Rose will use IPO proceeds for expansion, including to
boost TV advertising in Germany, its largest market, as well as
to support its shop-in-shop concept with Swiss grocery chain
Migros that is due to open its first location next month.
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"The company plans to use proceeds from the IPO primarily
for the acceleration of the growth strategy and the
strengthening and expansion of it position as the leading 'pure
play' online pharmacy in Europe," Zur Rose said in a statement.
The first trading day is expected around July 6.
The ongoing liberalisation of pharmacy markets across Europe
offers chances for further international expansion that Zur Rose
said it aims to serve from its DocMorris logistics centre on the
German-Dutch border.
Among other competitors, it is going up against Germany's
Shop Apotheke SAEG.BE , which last year raised about 100
million euros ($112.6 million) in an IPO in Frankfurt.
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Zur Rose is the second Swiss pharmacy group to list shares
on the SIX Swiss Exchange this year. Galenica Sante's GALE.S
listing in April was Europe's largest IPO this year.
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UBS UBSG.S and Berenberg are joint global coordinators and
joint bookrunners, with Zuercher Kantonalbank ZKB.UL mandated
as co-lead manager.
(Reporting by John Miller, editing by Michael Shields)
((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;))
Keywords: ZUR ROSE GROUP IPO/