Zealand Pharma A/S priced and upsized its IPO of American depositary shares, and now expects gross proceeds of about 492.5 million Danish kroner, or 566.4 million kroner if the overallotment option is exercised in full.
The company will issue 4,375,000 American depositary shares, or ADSs, plus a corresponding number of underlying new shares, at a price of $17.87 or 112.58 Danish kroner per ADS, corresponding to a subscription price of 112.58 kroner per underlying share. The offering was upsized from 3,900,000 ADSs.
Book-running managers, as representatives to several underwriters, have the option to acquire an additional 656,250 ADSs, exercisable until Sept. 7.
The ADSs will begin trading on the Nasdaq Global Select Market in the U.S. on Aug. 9, under the symbol ZEAL. The offering is expected to close Aug. 14, subject to customary closing conditions.
Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering, with Guggenheim Securities LLC and Needham & Co. LLC acting as co-lead managers.
As of Aug. 8, US$1 was equivalent to 6.34 Danish kroner.