London listing for Romanian pharmaceutical giant

We advised the London branch of an international bank on the IPO of a leading Romanian pharmaceutical distributor and retailer.

In the first international GDR issue and London listing of a Romanian business, our banking and finance team advised on a global offering of 60,000,000 ordinary shares, each with a nominal value of €1.00 in the form of 10,000,000 Global Depositary Receipts ("GDRs"), subject to an over-allotment option of an additional 9,000,000 Shares in the form of 1,500,000 GDRs. This was a euro-denominated GDR issue which is uncommon as GDRs are generally US dollar denominated.

The Company is a Dutch holding company, which owns the largest integrated pharmaceutical wholesale and retail business in Romania, offering a wide range of services to pharmaceutical producers and client pharmacies. The retail arm of the company is the largest national chain of pharmacies with more than 200 outlets across 51 towns and cities in Romania and has  strong brand recognition across the country.

The Company is the only Romanian business to be listed on the London Stock Exchange.