Pharmaceuticals logistics company Novolog completed the public stage of its initial public offering on the Tel Aviv Stock exchange this evening. The offering included an offer for sale by the controlling shareholders, FIMI Opportunity Funds and Ehud Pozis.
Total demand for the offering was NIS 1 billion, four times the planned offering. Because of the high demand, the valuation of the company for the purposes of the IPO rose to NIS 560 million, compared with NIS 540 million at the institutional stage and a minimum valuation set at NIS 470 million.
The Novolog offering was led by Leader Underwriters, with Barak Capital, Excellence, and Value Base. Novolog chairman and CEO Shaul Kobrinsky said, "We are happy at the completion of the flotation of Novolog, and we thank the investment community for its great vote of confidence in the company and its management. We see the company going public as a significant step and we are fully committed to the shareholders."
Novolog is Israel's largest drug distributor, with a market share estimated at 40% in value terms. It serves as the logistical arm for all the major pharmaceuticals companies, such as Pfizer, Novartis, Sanofi, Roche, and others. It takes a percentage of the sales it makes on behalf of its clients to hospitals, health funds, and pharmacy chains in Israel. The company distributes more than 10,000 products to over 1,200 points throughout Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2017
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