BioCentury
ARTICLE | Finance

Foreign legions support Evotec

November 15, 1999 8:00 AM UTC

After several false starts, Evotec (NMarkt:EVT) made it through the IPO window last week with the help of an international group of investors. The ultra-high throughput screening company raised E53.3 million ($55.5 million) through the sale of 4.1 million shares at E13, the top of its range. The shares were met with enthusiasm on the after-market on Wednesday and closed the first day up E18.5 (142 percent) at E31.5. Katrina Uhlenbrock, an analyst with Deutsche Bank, one of the underwriters of the offering, told Ebb & Flow that the IPO was roughly 30 times oversubscribed.

While Evotec went to its home market for its listing, it was international support that raised the necessary capital. Some 40 percent of the deal was taken up from within Germany, while U.S. investors took up 20 percent followed by U.K. and Swiss investors taking up 10 percent each. Remaining investors came from Sweden, France, Austria, the Netherlands and Luxembourg...