Apotex Health Corp. (APTX.TO), a Canadian healthcare company, announced an upsized initial public offering (IPO) of $1.3 billion, up from the previously reported $1.0 billion. Apotex now expects the IPO to consist of between 54.17 million and 65 million common shares at an offering price between $20 and $24 per common share.
With an offering size of approximately $1.3 billion and an assumed offering price of $22.00 per common share, an aggregate of 232.73 million shares will be issued as outstanding on a non-diluted basis, following completion, as noted by the firm.
Apotex said that the Toronto Stock Exchange (TSX) has conditionally approved its listing of common shares under the ticker "APTX."
Apotex also offers a treasury offering of between 35.42 million and 42.50 million treasury common shares at the offering price for gross proceeds of $850 million to the company.
Additionally, certain existing shareholders of the company are offering between 18.8 million and 23 million common shares at the offering price, for gross proceeds of approximately $450 million to the selling shareholders.
Also, the company has offered underwriters an over-allotment option to purchase additional shares, between 8.13 and 9.80 million, at the IPO price, which they can exercise until 30 days from the closing date of the offering.
SK Artemis Holdings, II, LLC and API Investment LP, on a non-diluted basis, will beneficially hold approximately 54.3% and 14.0%, or 50.6% and 14.0%, of the common shares if the over-allotment is fully exercised.
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