Apotex Health priced its Canadian IPO at C$24 a share, raising about C$1.3 billion and sending the stock to an opening gain of 17% on debut. The offering, one of the largest Canadian IPOs in years, was upsized amid strong demand.
Apotex Health shares climbed on their trading debut after the Canadian drugmaker priced its initial public offering at C$24 a share, the top of the indicated range.
The deal raised about C$1.3 billion, or about US$932 million, making it one of the largest Canadian IPOs in years. Trading began on a conditional if, as and when issued basis under the symbol APTX.
The shares opened at C$28, about 17% above the offer price, before later trading around C$26.76 on the Toronto Stock Exchange.
Deal details
The offering included a treasury sale of about C$850 million and a secondary sale of about C$450 million for existing shareholders. Underwriters also have an overallotment option for up to 8.1 million additional shares at C$24 apiece.
WSJ reported that the IPO had been upsized from earlier plans, reflecting strong demand for the listing.
Why it matters
Apotex is Canada’s largest domestic pharmaceutical company, with businesses in generics, biosimilars, over-the-counter products and branded medicines. The company was taken over by SK Capital in 2023 before returning to public markets.
The debut is being watched as a test of appetite for large Canadian offerings. A strong first-day move could support the case for more IPO activity after a slow period in the market.
What to watch
Investors will be watching whether the stock holds above the offer price after the first session, whether the underwriters exercise any part of the overallotment option and whether Apotex or its bankers issue further details on closing, allocations or use of proceeds.
Revision note
Initial automated publication.