Belfast Telegraph

ConvaTec valued at £4.4 billion in biggest UK listing this year

Medical supplies firm ConvaTec has defied the slowdown in stock market flotations by announcing the price of its initial public offering (IPO).

The firm has set its price at 225 pence per share, valuing the company at £4.4 billion and marking the biggest UK IPO seen this year.

The listing will offer 33.8% of ConvaTec to investors and hand the company £1.5 billion which it will use to pay down existing debts.

Chief executive Paul Moraviec said the firm was very pleased with the investor interest.

"ConvaTec is a world leader in markets which are large and structurally growing, driven by increasing life expectancies and incidences of chronic health conditions.

"We have implemented a clear growth strategy which is now showing solid results through product innovation, new market entry and investments in direct-to-consumer engagement, in addition to which we are implementing a margin improvement programme."

UK stock market listings have struggled to get off the ground since the Brexit vote, with TI Fluid Systems cancelling its IPO and w aste management firm Biffa slashing the price of its flotation.

Fitness chain Pure Gym said market volatility was to blame when it scrapped plans for its stock market debut earlier this month.

Heightened Brexit uncertainty has caused the total value of IPOs over the past three months to fall to levels not seen since 2012, according to research by Henderson Managed Investment Trust.