SOFIA (Bulgaria), July 1 (SeeNews) – The Netherlands-registered animal health company Huvepharma BV, owned by Bulgarian investor Kiril Domuschiev, said it had decided to revise its plans to list on Amsterdam Euronex shortly after the Conditions for the proposed initial to abandon public offering (IPO) as the company believes it is better to stay private.
“From their feedback during the process, it became clear to me that the company’s current and medium-term growth trajectory is best supported by staying private for the time being and maintaining the agility and corporate culture of the group,” said Kiril Domuschiev, CEO of Huvepharma in a press release on Published Wednesday.
However, the CEO did not rule out the possibility of resuming the IPO “at a later date in the future”.
In June, Huvepharma set a price range between EUR 20.00 and EUR 25.75 per share for the IPO and aimed for a valuation of up to EUR 4.5 billion (US $ 5.32 billion).
At the time, the pharmaceutical company said it intends to use the proceeds from the issue – expected to be € 300 million at the lower end and up to € 386 million at the higher end of the marketed price range – to fund and accelerate its growth investments, as well as deleveraging due to December 31 2020 amounted to around 474.1 million euros.
The offer would have consisted of a primary and a secondary component, with Huvepharma looking to sell around 15 million newly issued shares as part of the transaction, while the company’s sole shareholder, Advance Properties, registered in Bulgaria, is offering around 11.1 million existing shares wanted.
Headquartered in Amsterdam, Huvepharma focuses on the development and manufacture of animal and human health and nutritional products and claims to be the world’s sixth largest company in the field of animal health products for farm animals. It operates production sites in Italy, France, Bulgaria and the USA at a total of 13 locations.
The business achieved sales of 588 million euros in 2020 after 548 million euros in 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose in the same period from 127 million euros to 167 million euros, with an EBITDA margin of Year 2020 of 28.4%.
Huvepharma’s parent company is owned by Bulgarian investors Kiril and Georgi Domuschiev, who are the ultimate controlling parties according to the company’s most recent financial statements.
($ = 0.84458 euros)