Apotex Health expands IPO to $1.3 billion
Ottawa drug company increases share offering by 30% as investor demand grows ahead of public listing.
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Apotex Health Corp. is upsizing its initial public offering to approximately $1.3 billion, up from its earlier plan for $1 billion, signalling strong investor appetite for the Ottawa-based drug manufacturer.
The company now plans to offer between 54.17 million and 65 million shares at $20.00 to $24.00 per share, compared with an earlier plan for 41.67 million to 50 million shares in the same price range. The treasury offering remains unchanged at 35.42 million to 42.5 million shares, but the secondary offering by certain shareholders has been increased to 18.75 million to 22.5 million shares from 6.25 million to 7.5 million shares.
Apotex shareholders are also expected to grant underwriters an over-allotment option for up to 8.13 million to 9.75 million additional shares at the offering price. The company has a broad portfolio of generic drugs and consumer health products.