Irish pharma group Uniphar plans IPO

Irish pharmaceuticals group Uniphar plans to raise up to 150 million euros ($167 million) from a placing of new shares in London and Dublin, it said on Monday.

DUBLIN, June 17 (Reuters) - Irish pharmaceuticals group Uniphar plans to raise up to 150 million euros ($167 million) from a placing of new shares in London and Dublin, it said on Monday.

The company will use the fresh capital raised from the initial public offering (IPO) to pay for acquisitions, growth and to reduce debt.

The listing is a welcome boost for Euronext Dublin, formerly known as the Irish Stock Exchange, which has yet to host an IPO this year after a number of postponed flotations after markets faltered towards the end of 2018.

Uniphar has hired stockbroker Davy and RBC Capital Markets as joint bookrunners.

The company has about 2,000 employees and generated revenue of 1.55 billion euros and gross profit of 159.6 million euros in 2018. Core profit for 2018 was 46.3 million euros on a pro forma basis.

(Reporting by Graham Fahy Editing by David Goodman)

((graham.fahy@thomsonreuters.com;))

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