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Russia's Pharmstandard holds $880 mln IPO
MOSCOW - Pharmstandard [RTS: PHST], one of Russia's leading pharmaceutical companies, said Friday it set a price of $58.2 per share for its initial public offering which hit $880 million.
Pharmstandard, already listed on Russia's RTS stock exchange, is to be listed on the Moscow Interbank Currency Exchange (MICEX) and the London Stock Exchange.
"We are happy to see the success of our share flotation, which demonstrates the significant interest among Russian and foreign investors in the Russian pharmaceutical market, the world's most rapidly developing one," said Igor Krylov, the company's general director.
Coordinated by Citigroup and UBS Investment Bank, the IPO floated 40% of the company's stock, placing Pharmstandard's value at $2.2 billion.
Pharmstandard incorporates five plants across Russia, producing more than 200 various medications, including insulin, as well as medical equipment.
Company sales stood at 8.523 billion rubles ($323.7 million) in 2006, a 50% rise from the previous year. Net profits grew 99.8% to 2.036 billion rubles ($77.4 million).