{"id":112846,"date":"2021-04-26T08:31:36","date_gmt":"2021-04-26T08:31:36","guid":{"rendered":"https:\/\/fin2me.com\/?p=112846"},"modified":"2021-04-26T08:31:36","modified_gmt":"2021-04-26T08:31:36","slug":"synlab-to-price-ipo-at-low-end-of-range-cuts-offer-size","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/synlab-to-price-ipo-at-low-end-of-range-cuts-offer-size\/","title":{"rendered":"Synlab to price IPO at low end of range, cuts offer size"},"content":{"rendered":"<figcaption class=\"Slideshow-description-447Md\">Slideshow <span>( 2 images )<\/span><\/figcaption><p>FRANKFURT (Reuters) &#8211; Laboratory services group Synlab on Monday guided investors to expect its planned initial public offering to price at the bottom of the marketing range, cutting the offer size by a quarter due to sluggish demand.<\/p>\n<p>The company is now offering new shares worth 400 million euros ($484 million) plus existing shares worth 271 million euros at 18 euros apiece, excluding an overallotment option, the bookrunners organising the deal said.<\/p>\n<p>That is down from an original base deal size of 895 million to 1.03 billion euros. The deal will give Synlab, which had offered its shares in a range of 18 euros to 23 euros, a market capitalisation of 4 billion euros. Its free float will stand at 17%.<\/p>\n<p>Existing shareholders including Cinven, Novo Holdings and the Ontario Teachers\u2019 Pension Plan Board decided to cut their shares on offer, having hoped for a higher valuation and to ensure a good market performance after the listing, one of the bookrunners said.<\/p>\n<p>Investors had questioned the sustainability of earnings, which had spiked 71% to 679 million euros in 2020 on the back of strong demand for Synlab\u2019s COVID-19 testing capacities.<\/p>\n<p>According to Fitch, about a fifth of Synlab\u2019s sales are COVID-19 related, a positive factor that the ratings agency expects will still be relevant until 2023, albeit likely on a smaller scale.<\/p>\n<p>Synlab is forecasting sales to exceed 3 billion euros in 2021, compared to 2.6 billion in 2020. It projects 10% annual revenue growth over the longer term, of which 3% will be organic with the rest driven by acquisitions.<\/p>\n<p>Books for Synlab\u2019s IPO close on Tuesday with the first trading day slated for April 30.<\/p>\n<p>($1 = 0.8264 euros)<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/us-synlab-ipo\/synlab-to-price-ipo-at-low-end-of-range-cuts-offer-size-idUSKBN2CD0QA\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Slideshow ( 2 images )FRANKFURT (Reuters) &#8211; Laboratory services group Synlab on Monday guided investors to expect its planned initial public offering to price at [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":112845,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Synlab to price IPO at low end of range, cuts offer size - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/synlab-to-price-ipo-at-low-end-of-range-cuts-offer-size\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Synlab to price IPO at low end of range, cuts offer size - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Slideshow ( 2 images )FRANKFURT (Reuters) &#8211; 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