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Synlab To Price IPO In EUR 18.00 - EUR 23.00/shr Range

Synlab, European clinical laboratory and medical diagnostic services company, said that it expects to price its planned initial public offering to be between 18.00 euros and 23.00 euros per share.

The offer period is expected to start later Monday and to end on 27 April 2021. Trading of the Company's shares on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange is expected to begin on 30 April 2021.

The offering comprises up to 22.2 million newly issued ordinary bearer shares from a capital increase as well as 27.5 million ordinary bearer shares from the Pre-IPO shareholders. Cinven, Novo Holdings and Ontario Teachers' Pension Plan Board can additionally place up to 12.4 million ordinary bearer shares as an upsize option.

In addition, the Institutional Shareholders will grant a Greenshoe option over 9.3 million ordinary bearer shares to cover possible over-allotments.

Assuming full exercise of the Greenshoe option and excluding the upsize option, the IPO size will range from 1.03 billion euros to 1.19 billion euros, implying a free float range of between 24% and 26% of the outstanding share capital.

Assuming full exercise of the upsize option in addition to the Greenshoe option, a total of between 64.5 million ordinary bearer shares and 71.5 million ordinary bearer shares will be offered, leading to a total IPO size range between 1.29 billion euros and 1.48 billion euros, depending on the final issue price, and a free float of up to 32% of the outstanding share capital.

Based on the set price range, the total market capitalisation amounts to between 4 billion euros and 5 billion euros with a total enterprise value between 5.9 billion euros and 6.9 billion euros.

Synlab said it aims to raise gross proceeds of about 400 million euros from the sale of the newly created shares placed in the offering. The company plans to use the proceeds to repay parts of its outstanding debt obligations, resulting in a further reduction of leverage.

The company said it established a Supervisory Board. It is chaired by David Ebsworth. Ebsworth has over 40 years of experience in the healthcare industry. He previously served as CEO of Galenica AG, Vifor Pharma AG and global head of the Pharmaceutical Division of Bayer AG.

The new Supervisory Board will consist of twelve members with six shareholder and six employee representatives.

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