Probitas Canals IPO
Madrid - It seemed to work: The National Commission for the Spanish Stock Markets had already registered the information brochure for the Initial Public Offering, the non-binding guideline price band for the IPO laid between Euro2.70 and Euro3.30 per share. But the IPO was cancelled: Probitas Pharma, the Spanish holding company which specializes in the health and pharmaceuticals sector with sales in 2003 of Euro425.7 million will now wait for an new IPO until the “situation in the international share market becomes more stable”.
The offering would have constituted 43.5% of the company's equity, and was supposed to consist of a subscription offering of 38,500,000 newly issued shares, representing 15.4% of the company equity, and a public offering for sale of 70,328,926 existing shares, representing 28.1% of the equity after the share issue, including the “green shoe” offering which is forecast to be 15% of the initial number of shares offered, totaling 108,828,926.
The current financial shareholders in Probitas Pharma would have been the principal sellers of a portion of their shares: the investment fund Capital Riesgo Global S.C.R. of Banco Santander Central Hispano, which currently holds 21.7% of the shares and Morgan Grenfell Private Equity (Gabriella Holding), an investment fund in which Deutsche Bank has a shareholding.