Paion to IPO

Stroke company Paion (Aachen, Germany) plans to offer up to 5 million shares at EUR 11-EUR 14 in an IPO on the Frankfurt Stock Exchange. The deal will be underwritten by UBS; Dresdner Kleinwort Wasserstein; and Landesbank Baden-Wuerttemberg. If sold at EUR 12.50, Paion would raise EUR 62.5 million ($81.7 million) and have a market cap of about EUR 188 million ($245.7 million), prior to any sale of the deal's 750,000 share overallotment. The company expects to start trading on Feb. 10 under the ticker PA8. ...