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Zealand Pharma completes IPO of American depositary shares

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Zealand Pharma completes IPO of American depositary shares

Zealand Pharma A/S completed its IPO of American depositary shares and registered a capital increase of 4,375,000 new shares with a nominal value of 1 Danish kroner each.

Gross total proceeds from the issuance of the new shares amount to 492,541,875 kroner. The new shares account for 14.31% of the company's total share capital.

The capital increase completes the IPO of the Zealand's ADSs, except for the potential exercise of the overallotment option. The company granted the book-running managers, as representatives to the underwriters, an option to buy up to an additional 656,250 ADSs to cover any overallotments. The option will expire Sept. 7.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering, while Guggenheim Securities LLC and Needham & Co. LLC are acting as co-lead managers.

As of Aug. 11, US$1 was equivalent to 6.30 Danish kroner.