TopoTarget Gets DKK258.75 Million Through Over-Subscribed IPO

A cautious pricing strategy paid off for TopoTarget A/S, as its initial public offering of 10 million shares on the Copenhagen Stock Exchange, which yielded gross proceeds of DKK225 million (US$36.5 million), was more than six times over-subscribed. The greenshoe option of 1.5 million shares, which is being exercised, will add an additional DKK33.75 million, before expenses. Moreover, investors gained a reasonable pop, as the share price closed at DKK26.30 Friday, its first day of trading, up almost 17 percent from its IPO price of DKK22.50. The Danish company had set a range of DKK20.50 to DKK25.50.
BioWorld Online