Swiss online pharmacy Zur Rose ready for IPO

7 years ago - Published in Finance, Fundamental Analysis

Online pharmacy Zur Rose Group plans to raise up to around 230 million Swiss francs ($236.6 million) in an initial share sale, the Swiss company said on Thursday, with the cash to help grow operations including its DocMorris unit in Germany.
The IPO, with a price range of 120 francs to 140 francs per share, would value the company at between 780 million francs and 870 million francs, Zur Rose said.

Zur Rose will use IPO proceeds for expansion, including to boost TV advertising in Germany, its largest market, as well as to support its shop-in-shop concept with Swiss grocery chain Migros that is due to open its first location next month.

"The company plans to use proceeds from the IPO primarily for the acceleration of the growth strategy and the strengthening and expansion of it position as the leading 'pure play' online pharmacy in Europe," Zur Rose said in a statement.
The first trading day is expected around July 6.
The ongoing liberalisation of pharmacy markets across Europe offers chances for further international expansion that Zur Rose said it aims to serve from its DocMorris logistics centre on the German-Dutch border.
    
Zur Rose is the second Swiss pharmacy group to list shares on the SIX Swiss Exchange this year. Galenica Sante's listing in April was Europe's largest IPO this year.

UBS and Berenberg are joint global coordinators and joint bookrunners, with Zuercher Kantonalbank mandated as co-lead manager.