Ferd hits home run with Pronova BioPharma IPO

Ferd Private Equity Fund I has listed Pronova BioPharma (previously Pronova Biocare), a Norwegian manufacturer of omega-3 pharmaceutical products, on the Oslo Stock Exchange. The company started trading at NOK 23 per share. The total offer size is NOK 2.7bn (including an over-allotment option). Based on the set offer price, the company has a market capitalisation of NOK 6.9bn (EUR900m).

The IPO comprises 105,915,432 shares, of which 80,915,432 are existing shares and 25 million new issued shares. Prior to the listing, FPEF I held 93% of the shares. On completion of the offer (assuming an exercise of the greenshoe option), FPEF I will have a shareholding of approximately 58.3% of the company.

In 2004 FPEF I acquired an initial 80.1% stake in Pronova BioPharma for a cost of NOK 250m. In March 2005 FPEF I acquired the remaining shares from Norsk Hydro. (Page 44).

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