ConvaTec hits London market with $1.8B IPO
By HME News Staff
Updated Thu October 27, 2016
LONDON - ConvaTec on Wednesday raised nearly $1.8 billion in London's biggest initial public offering of 2016, according to news reports. The company, which manufactures ostomy, wound, skin, continence and other critical care products, will use the proceeds from the IPO to redeem or repay debt. ConvaTec's shares traded just below their offer price of $2.76, at $2.75. The IPO represents about 33.8% of the company's stock, assuming no exercise of an overallotment option, and will rise to 38.9% if the option is exercised in full. Nordic Capital and Avista Capital Partners, the private equity firms that own ConvaTec, will hold 45.1% and 19.5% of shares, respectively, assuming no exercise of the overallotment option.
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