Galderma sets final price for IPO at top of range

ZURICH (Reuters) - Skin care company Galderma said on Thursday it has set the final price for its initial public offering (IPO) at 53 Swiss francs ($59.86) per share, at the top of its announced range, implying a market capitalization at listing of 12.6 billion francs.

Galderma's IPO, which was announced earlier this month, is likely to be one of the biggest in Europe this year.

The company said the offer was oversubscribed multiple times, seeing strong demand from Swiss and international investors. The shares placed implied a total placement volume of up to 2.3 billion Swiss francs, as the company had anticipated.

Galderma Chief Executive Officer Flemming Ornskov called the listing a major milestone for the business and said it would take the company to its next phase of growth.

"We are delighted at the overwhelmingly positive demand we have received throughout the last few weeks," he said.

($1 = 0.8854 Swiss francs)

 

(Writing by Rachel More; Editing by Noele Illien)