In September 2016 Vestor Dom Maklerski conducted more IPO/SPO deals on the Polish market with great success.
Vestor DM was the Joint Bookrunner during Celon Pharma’s initial public offering worth PLN 245 million. It was also the Offering Agent and the Sole Bookrunner in Mercator Medical’s secondary public offering worth PLN 31.5 million.
Celon Pharma is a bio-pharmaceutical company that produces generic medications and does research on innovative medications. This company was established in 2002 by Doctor Maciej Wieczorek who is also the CEO of Mabion, which is listed on the WSE. In 2015 Celon Pharma signed landmark contracts to register and distribute Salmex, an inhalant medication in Europe, North America and China. The company’s strategy for the next several years calls for ongoing development of the generic inhalant medication segment, expansion of the R&D potential for new medications and selective exploration in the classic generic medication segment. In 2015, Celon Pharma generated PLN 107.5 million in revenues and PLN 37.2 in net profit.
During its IPO the total demand for Celon Pharma’s shares surpassed PLN 1.5 billion and was more than 6 times higher than the deal size. The share price was set at the maximum price level stated in the prospectus and implicated a valuation of 8.5x 2016E EV/EBIDTA (according to the forecasts of Vestor DM’s analysts).
Mercator Medical is a leading distributor of medical gloves in Poland and in other Central and Eastern European countries. Mercator also has its own latex glove factory in Thailand, one of its major competitive advantages. Its growth strategy calls for global expansion by ramping up the production capacities of its glove factory in Thailand from 1.2 billion units per annum to 3 billion units per annum involving a price tag of roughly PLN 107 million, with roughly 30% of that to be financed through a rights offering. In 2015, Mercator Medical generated PLN 227 million in revenues and PLN 10.3 in net profit.
Mercator Medical’s expansion plans were received very well by stock investors. Only financial institutions took part in the company’s rights offering. It is worth emphasizing that the issue price of PLN 17.5 was set at a premium to its stock price. This price implicated a valuation of 8.2x 2016E EV/EBIDTA (according to the forecasts of Vestor DM’s analysts).