Manchester - British drug developer Renovo has raised Euro71 million on the London Stock Exchange after pricing its IPO at 87p per share, valuing the group at about Euro220 million. The company, which focuses on treatments that speed up surgical heeling and prevent scarring, had planned to list last May, but postponed the float due to tough market conditions. It said the offer generated high demand among investors and was “significantly” oversubscribed, helping it pocket Euro14 million more than originally expected. The net proceeds will be used primarily to fund the further development of its lead products, Juvista, for the prevention of scarring, and Zesteem, for the acceleration of healing. Co founder and CEO Mark Ferguson said, “We are delighted that our IPO has been successfully completed and priced at the high end of the valuation range.” Current shareholders and management did not sell any shares as part of the IPO. Goldman Sachs acted as Sole global coordinator and bookrunner for the offer and Nomura Code Securities acted as joint lead manager.