Apotex launches $1 billion IPO

Apotex Health Corp. announced the launch of its initial public offering and began its roadshow following the filing of an amended preliminary prospectus with Canadian securities regulatory authorities.

The offering consists of 41.7 million to 50 million common shares priced between $20.00 and $24.00 per share, targeting gross proceeds of approximately $1 billion. Apotex will issue 35.4 million to 42.5 million new shares to raise about $850 million, while existing shareholders will sell 6.25 million to 7.5 million shares for approximately $150 million in proceeds.

The selling shareholders have granted underwriters an over-allotment option to purchase up to an additional 6.25 million to 7.5 million shares at the offering price. This option can be exercised within 30 days after closing to cover over-allotments and for market stabilization.

RBC Capital Markets, TD Securities Inc., and Scotiabank serve as co-lead managers, joint global coordinators and joint lead bookrunners. BMO Capital Markets and Jefferies Securities, Inc. act as joint bookrunners, with CIBC Capital Markets, ATB Cormark Capital Markets, Desjardins Capital Markets, National Bank Capital Markets, MUFG, Raymond James, Bloom Burton Securities Inc., Canaccord Genuity Corp., Stifel and Paradigm Capital Inc. serving as co-managers.

Apotex has applied to list its common shares on the Toronto Stock Exchange, subject to TSX approval according to original listing requirements. The exchange has not yet conditionally approved the listing application.

The amended preliminary prospectus remains subject to completion and amendment. No securities regulatory authority has approved or disapproved the offering contents, according to the company's statement.

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