Almirall is Spain’s largest independent pharmaceuticals company. It has a diversified portfolio including the research, manufacture, and distribution of licensed drugs in Spain and throughout continental Europe and Latin America.

The IPO of 45,299,621 shares represented 27.27% of Almirall’s share capital and included a greenshoe of about 10%. The offer price was set at €14 in the middle of the €12.5 to €15.5 price range raising €634m and giving Almirall a market capitalisation of approximately €2,2bn.

The deal was four times over subscribed and strongly supported by healthcare funds with US, UK and domestic accounts showing the most interest. The success of the deal was impressive, given that its closer European counterpart saw its shares traded down 12% towards the end of Almirall’s bookbuild.

The roadshow covered Europe&USA in a two week period including two high profile presentations in both the Madrid Bolsa and Barcelona Borsa.