TORONTO, June 1 (Reuters) – Canadian health company Apotex Health said on Monday it is seeking to raise up to C$1.2 billion ($868.06 million) in an initial public offering on the Toronto Stock Exchange, in a deal that could help revive the country’s subdued IPO market.
Apotex said it is expected to offer between 41.7 million and 50 million shares at a price range of C$20 to C$24 for gross proceeds of C$1 billion.
The company said it is raising roughly C$850 million by issuing new shares, while existing shareholders are selling about C$150 million of stock as part of the offering.
The IPO is one of the first major offerings on the TSX this year, after only a handful of listings in the past few years as companies avoided the subdued market to seek fresh capital.
However, renewed economic confidence and a rising TSX have contributed to fresh interest with companies in technology, natural resources and other sectors revisiting their plans.
Toronto-based quantum computing firm Xanadu Quantum Technologies went public earlier this year through a merger with the special purpose acquisition company, listing on both Nasdaq and the TSX, raising about $300 million.
Apotex, which caters to clients in about 70 countries across North and South America, has recorded revenue growth of about 8% over the last four fiscal years, it said, largely powered by its core generics business by focusing on first‑to‑market products and expanding into higher‑value areas like specialty generics, brands, and biosimilars.
Underwriters on the deal included RBC Capital Markets, TD Securities , Scotiabank. BMO Capital Markets and Jefferies are joint bookrunners, Apotex said in a press release.
($1 = 1.3824 Canadian dollars)
(Reporting by Nivedita Balu in Toronto; Editing by Chizu Nomiyama )
