Switzerland: Exercise of over-allotment brings Galderma listing to CHF2.3bn

Galderma, the pure-play dermatology business that recently listed on the SIX Swiss exchange, has taken total size of the transaction to around CHF2.3bn (US$2.54bn) with the full exercise of the 15% over-allotment option. Some additional 5,626,592 shares were sold to the global coordinators by sellers EQT, ADIA and Auba Investment at CHF53 per share to raise CHF298m.

Following the full exercise of the over-allotment option, the free float as calculated by SIX is expected to increase from 20.4% to 22.8%.

It is hardly surprising that the…