E Merck's float raises $1.4 billion:
This article was originally published in Clinica
E Merck, the German pharmaceutical and laboratory supplies company, has raised DM 2,100 million ($1,400 million) from the largest ever public share offering in Germany. In the five-times subscribed offer, E Merck sold 40 million shares, 25% of its enlarged capital, at a price of DM 54 each. This was close to the top of the range of DM 46-56 indicated for the book building process which preceded the float. The shares started trading on the Frankfurt and Zurich stock exchanges on October 20th.