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ZURICH, June 23 (Reuters) - The book for Swiss online pharmacy Zur Rose Group's initial public offering is already covered amid solid international demand, sources close to the transaction said on Friday.
Zur Rose aims to raise up to 230 million Swiss francs ($238 million) through the share sale to help it expand in Germany, open new shops and possibly make acquisitions, it said on Thursday.
"The transaction is already well oversubscribed," one source said, citing demand from long-term investors in Germany, Switzerland, Britain and the United States.
Narrowing the indicated price range of 120 francs to 140 francs per share was possible but not before the middle of next week, this source added.
The stock is due to start trading on the SIX Swiss Exchange on July 6.
Zur Rose declined comment on how the sale was going.
The indicated price range values the company founded by Swiss doctors in 1993 at between 780 million francs and 870 million francs.
Zur Rose will use the proceeds to boost TV advertising in Germany, its largest market, as well as for its shop-in-shop concept with Swiss grocery chain Migros which kicks off with its first location next month.
Acquisitions elsewhere in Europe are also on the horizon, with an undisclosed target slated to be bought this year, said the company, which was set up to help doctors manage the cost of the medicines they distribute through their practices.
UBS and Berenberg are joint coordinators and joint bookrunners, with Zuercher Kantonalbank co-lead manager.
$1 = 0.9675 Swiss francs Reporting by Oliver Hirt, Paul Arnold and Rupert Pretterklieber; Editing by Michael Shields