The Pharmaceutical and retailing group of Ireland, Uniphar has achieved its target of raising a fund of worth 150 million euros in the first initial offering (IPO) over the local stock exchange in 2019, the news was revealed by Uniphar on Friday, 12th July.

For Euronext Dublin, the listing was a boost. Euronext Dublin is widely known as the Irish Stock Exchange. At the end of 2018, numerous flotations were delayed because of disturbances in the market across the world, immediately after Euronext purchased the exchange.

Dublin was considered as the home for the biggest IPO across Europe, at the time when the government of Ireland generated around 3.4 billion euros by placing part of Allied Irish Banks in the hands of private organizations in 2017.

The shares of Uniphar will be launched for trading in Dublin and London on Wednesday. The cost of each share is of 1.15 euros that will provide a market capitalization of worth 310 million euros.

Ireland’s popular retail chief, Chairman Maurice Pratt mentioned in a statement,

Today marks a major milestone in the 50-year history of Uniphar and cements our transformation from a pharmaceutical wholesaler focused on the Irish market to an international healthcare services business.”

Further, he said,

“The level of interest generated from institutional investors in support of our IPO gives us great confidence as we embark on the next phase of Uniphar’s growth as a public company.”

The Pharma group, Uniphar, was founded in 1994 by merging United Pharmacist Co-operation and Allied Pharmaceutical Distributor. The group will invest the amount to pay for acquisitions, to decrease debt, and for expansion. Davy Stockbrokers of Ireland and Capital Markets of RBC played as joint lead managers over the deal.