June 30, 2017 / 6:16 AM / 2 months ago

Online druggist Zur Rose narrows IPO price range at top end

The logo of Swiss-based mail-order pharmacy and medical supplier Zur Rose Group is seen at the company's headquarters in Frauenfeld, Switzerland May 9, 2017.Arnd Wiegmann - RTS15VL6

ZURICH (Reuters) - Online pharmacy Zur Rose Group ZUROS.UL said on Friday it had narrowed the price range for its initial public offering to 135 Swiss francs to 140 Swiss francs per share, the top end of its previous range, on strong demand from investors.

The share sale, which with the greenshoe is set to raise about 230 million Swiss francs (£185 million), would imply a market capitalisation in the range of 850 million francs to 870 million francs, Zur Rose said in a statement. The company plans to complete bookbuilding on July 4, a day earlier than previously announced.

Zur Rose is raising money to fund marketing efforts in Germany, where its business runs under the name DocMorris, and expansion in its home market in Switzerland, as well as for potential acquisitions.

Reporting by John Miller; Editing by Amrutha Gayathri

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