Galderma sets IPO price at top of range, or 53 CHF a share

ZURICH (Reuters) -Skin care company Galderma said on Thursday it had set the final price for its initial public offering (IPO) at 53 Swiss francs ($59.86) per share, at the top of its announced range, implying a market capitalisation of 12.6 billion francs at listing.

The company said the IPO, announced this month and likely to be one of Europe's biggest this year, was oversubscribed, thanks to strong demand from Swiss and international investors.

The shares placed implied a total placement volume of up to 2.3 billion Swiss francs, in line with the company's expectations.

Galderma said it had raised gross proceeds of 2 billion francs from the IPO and intended to use them mainly to strengthen the balance sheet, by repaying and refinancing debt.

Chief Executive Flemming Ornskov called the listing a major milestone for the business that would take the company to its next phase of growth.

"We are delighted at the overwhelmingly positive demand we have received throughout the last few weeks," he said.

The offer consists of 37,233,708 newly issued shares and 276,909 existing shares, with an over-allotment option of up to 5,626,592 shares, Galderma said. The shares will be listed and start trading on the SIX stock exchange on Friday.

The IPO's lock-up period has been agreed for a period of 180 calendar days after the first day of trading for the selling shareholders, and until Sept. 30, 2024 for the company.

($1=0.8854 Swiss francs)

(Writing by Rachel More; Editing by Noele Illien and Clarence Fernandez)