Today, the company Pilulka Lékárny, a.s. successfully completed its initial public offering (IPO). The interest from investors was enormous, and the demand exceeded the offer by 536%. The shares were subscribed at the upper limit. The shares of Pilulka Lékárny, a.s. will start trading on 26th October with the opening price at CZK 424.
The company Pilulka Lékárny, a.s. (PINK, ISIN CZ0009009874) has successfully subscribed 725,040 shares, and the price reached the upper limit of the CZK 350-424 range. Pilulka has become the most successful issue on the PX Start market. The post-money valuation amounts to CZK 1,060,000,000. The company obtained the record sum of CZK 307,416,960 from investors. This is the highest value ever recorded in an IPO in the PX Start market.
“Pilulka is an excellent company for the Prague Stock Exchange because it combines e-commerce and the pharmaceutical sector, which is a winning combination these days. I am also pleased that it attracted institutional as well as retail investors,” says Petr Koblic, CEO of Prague Stock Exchange.
“We are delighted to be the first e-commerce company on the Prague Stock Exchange. We were initially unsure about the IPO, but the cooperation with the lead managers and in particular with the PSE has convinced us that it was the right thing to do,” says Petr Kasa, the founder and CEO of Pilulka Lékárny a.s.
Due to the enormous interest in the initial public offering, some investors had lower allocation of required shares. This situation is common for successful issues like this one.
“At WOOD & Company, we strive to raise capital for companies while offering attractive opportunities to investors. These two objectives were perfectly aligned in the case of Pilulka. We have been very optimistic from the beginning, trusting that Pilulka has a story, heart, and in addition to this, a realistic valuation. What else could an investor wish for? Our intuition did not fail us: retail as well as professional investors showed enormous interest in the shares. We congratulate Pilulka and hope to assist it once it decides to move on to the main market of the Prague Stock Exchange,” says Jan Sýkora, a partner of WOOD & Company Financial Services, a.s.
“Patria has been confident about the success of Pilulka from the very beginning. In addition, the current situation is accelerating a change in the mindset of customers, for which Pilulka is well prepared. It’s great that it has now invited new investors to share in its growth. I am especially pleased with the interest of our private clients, and I am glad that we were able to make such a significant contribution to the subscription of Pilulka and thus to the development of the Start market on the Prague Stock Exchange. I wish all new investors a satisfactory profit,” said Tomáš Jaroš, the CEO of Patria Finance.
The issuer’s advisors included WOOD & Company for the IPO and KLB Legal for the legal aspects. The analytical report was prepared by Helgi Analytics.
Trading with the new issue will begin on 26th October as part of the regular daily auction in the PX Start market. The issue ticker, i.e. the name under which Pilulka appears in the Xetra trading system, is PINK. The abbreviated name is PINK CP Equity in the Bloomberg system and PINK.PR in the Thomson Reuters system. One lot (i.e. the minimum volume traded) is 80 shares.
Auctions in the PX Start market take place daily from 9 a.m. to 12:30 p.m.