Apotex Health Targets Up to C$1.2 Billion in Toronto IPO

Canadian healthcare company Apotex Health announced on Monday that it plans to raise up to C$1.2 billion through an initial public offering (IPO) on the Toronto Stock Exchange (TSX), marking one of the largest public listings in Canada this year. The company intends to offer between 41.7 million and 50 million shares priced between C$20 and C$24 each, generating approximately C$1 billion in gross proceeds.

The Toronto-based firm said about C$850 million of the funds will come from newly issued shares, while existing shareholders are expected to sell around C$150 million worth of stock as part of the offering. The IPO arrives at a time when Canada’s public listing market has remained relatively subdued, with only a limited number of major listings in recent years.

Apotex, which serves customers in around 70 countries across North and South America, has reported revenue growth of approximately 8% over the past four fiscal years. The company attributed its growth to its strong generics business, expansion into specialty generics, branded products, and biosimilars. The offering is being led by RBC Capital Markets, TD Securities, and Scotiabank, with BMO Capital Markets and Jefferies acting as joint bookrunners.

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