Royalty Pharma takes US IPO crown

摘要

ROYALTY PHARMA, the world's biggest drug royalty owner, drew overwhelming investor demand for its US$2.175bn Nasdaq IPO, the biggest new issue in the US so far this year. After accelerating the roadshow by one day, a syndicate led by JP Morgan, Morgan Stanley, Bank of America, Goldman Sachs, Citigroup and UBS priced the upsized sale of 77.7m Royalty Pharma shares at US$28, the top of the US$25-$28 range. The offering, upped 10% from 70m shares at launch, comprised 60m new shares and the balance from a range of existing shareholders, with all of the upsize secondary. Debuting on Tuesday, Royalty Pharma shares surged 58.9% to US$44.50 before trading as high as US$56.50 later in the week. The final terms attributed the company a market capitalisation of nearly US$17bn, growing to more than US$26bn at its day-one close.