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Russia's Protek Pharmaceutical Holders Raises $400 Million In IPO
Shareholders in Russia's Protek pharmaceutical raised $ 400 million in an initial public offering on local exchanges.
Protek shareholders Tantarra Holdings Ltd. and Streitum Investments Ltd. sold 114.3 million shares for $3.50 apiece in the IPO.
Following the IPO, Protek expects to receive proceeds of $188 million from a sale of new shares to Tantarra, giving the company a market value of about $1.85 billion, Protek said Tuesday in a statement.
"The successful completion of our IPO is a major milestone in the development of Protek and we are confident that as a public company we can continue to build on our track record of achievements across the Russian pharmaceutical sector," Protek president Vadim Muzyaev said.
Protek plans to use the proceeds to boost its retail business and to expand research and development and drugs in its production operations.