Die Laborkette Synlab has announced further details on its planned IPO. The financial investor’s company Cinven has set the price range for the IPO at 18 to 23 euros per share. The offer could total up to 1.48 billion euros. It consists of a capital increase of 22.2 million new shares and 27.5 million shares from existing shareholders. Cinven, Novo Holdings and the Ontario Teachers’ Pension Plan Board can also increase the offering by up to 12.4 million shares, Synlab announced. In addition, a greenshoe option can be used for 9.3 million shares.
After the IPO, the free float is up to 32 percent. Synlab is aiming for a company valuation of up to 6.9 billion euros as part of the IPO. The laboratory chain intends to use the gross proceeds of around 400 million euros from the sale of the new shares to repay outstanding financial liabilities and further reduce debt. The offer period is expected to end tomorrow. Goldman Sachs and JP Morgan are acting as Joint Global Coordinators for the IPO.
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