Molecular floats with CHF 482m market cap

The share price opened on CHF 25, above the CHF 22.4 set in the IPO. However, within hours this had dropped back to the IPO price of CHF 22.4.

Molecular's road to the public market has been a rocky one. Having originally announced its intention to list on the stock exchange in September, the company then put its IPO plans on hold in October citing "adverse market conditions".

When it reignited its flotation efforts earlier this week, it was with a far lower fundraising expectation from its listing. The company had originally planned to raise CHF 150m, but has ended up raising CHF 96.5m through the sale of 4.4 million shares.

Prior to any exercise of the 660,000 additional-share overallotment option, the company now has a free-float of 22.8%. JP Morgan acted as sole global coordinator for the flotation and joint bookrunner alongside UBS. Molecular is trading on the SIX Swiss Exchange under the ticker "MOLN".

Molecular is backed by BB Biotech Ventures, Endeavour Vision and Essex Woodlands Health Ventures.

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• IPO