Robert Venes is assistant editor of equities and structured equity at IFR. Robert joined IFR in late 2009 from sister title Acquisitions Monthly, where he focused on private equity transactions and fundraisings. He was previously associate editor at Private Equity International and, before that, editor of Venturedome.
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Three medical diagnostics groups from Europe and the Middle East were at varying stages of initial public offerings last week, highlighting an increased appetite for healthcare stocks that has also witnessed an uptick in biotechnology groups opting for local rather than US listings.
Commerzbank completed its fifth capital increase in four years last week, picking up €1.377bn in an overnight trade designed to bolster its capital and leverage ratios. The transaction was dealt with in short order, although regulations required holding the book open overnight.
Management was in Paris today for the launch of roadshows for a €440m–€474m Euronext IPO of French medical diagnostics group Labco. The price range is €7–€9 for primary proceeds of €320m, with between €120m–€154m of secondary selling. With the maximum amount of selling, the free-float on the base deal is 54%, rising to 62% on full exercise of a 15% secondary greenshoe.