Healthcare group ConvaTec completes landmark £1.5bn IPO

Medical products and technologies giant ConvaTec yesterday listed on the London Stock Exchange (LSE) '“ the biggest UK float in 2016 and the largest European healthcare flotation in London for more than 20 years.

ConvaTec is headed by chief executive Paul Moraviec. Picture: Contributed

The business, which is headquartered in the UK, also said it was the ninth-largest global healthcare flotation of all time.

ConvaTec, which has more than 9,000 staff, has raised £1.46 billion and is valued at £4.39bn. Chief executive Paul Moraviec, who joined the company in 2009, said it was “delighted” to have successfully completed the initial public offering (IPO).

“ConvaTec is a world-leader in large, structurally growing markets for the management of chronic health conditions… We are extremely pleased to welcome as shareholders high-quality investors from the UK and internationally, and we look forward to life as a public company,” he said.

LSE chief executive Nikhil Rathi said the IPO “demonstrates the enduring capacity of our capital markets to fund and support the growth and global ambitions of the UK’s leading manufacturers.

“Today is a further, powerful demonstration of the appeal of London’s unrivalled pool of international institutional investment capital.”

Last week the firm, which states that it does business in more than 100 countries, had announced its offer price of 225p per share, and said proceeds of the IPO would mainly be used to redeem or repay some of the group’s borrowings.

The listing comes despite a series of flotation plans being abandoned this year, including Pure Gym and Misys.

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