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Feb 23 (Reuters) - Danish drugmaker Novo Nordisk expects to raise between 1.7 billion and 2.2 billionDanish crowns ($259 million to $335 million) from a stock marketlisting of its information technology unit NNIT (IPO-NNIT.CO).
NNIT, which provides IT services to its parent and othercompanies, on Monday set an indicative price for the listing at100-120 crowns a share.
Based on the price range and assuming full exercise of anoverallotment option, proceeds are expected to be 1.863 billion to 2.235 billion crowns, valuing NNIT at about 2.5 to 3.0billion crowns.
NNIT's market capitalisation will not be large enoughinitially to send it straight into the country's main stockmarket index, the OMX Nasdaq Copenhagen C20.
Novo Nordisk, the world's biggest insulin maker, is theNordic region's largest company with a market capitalisation ofmore than 656 billion crowns.
NNIT's free float is expected to be 46 percent, assumingfull exercise of the overallotment option. Novo Nordisk willretain 25.5 percent of the share capital. If option is notexercised in full Novo Nordisk will hold 31.5 percent.
The date for the listing is set for no later than March 6.
($1 = 6.5657 Danish crowns) (Reporting by Ole Mikkelsen, editing by Louise Heavens and JaneMerriman)
Feb 23 (Reuters) - Danish drugmaker Novo Nordisk expects to raise between 1.7 billion and 2.2 billionDanish crowns ($259 million to $335 million) from a stock marketlisting of its information technology unit NNIT (IPO-NNIT.CO).
NNIT, which provides IT services to its parent and othercompanies, on Monday set an indicative price for the listing at100-120 crowns a share.
Based on the price range and assuming full exercise of anoverallotment option, proceeds are expected to be 1.863 billion to 2.235 billion crowns, valuing NNIT at about 2.5 to 3.0billion crowns.
NNIT's market capitalisation will not be large enoughinitially to send it straight into the country's main stockmarket index, the OMX Nasdaq Copenhagen C20.
Novo Nordisk, the world's biggest insulin maker, is theNordic region's largest company with a market capitalisation ofmore than 656 billion crowns.
NNIT's free float is expected to be 46 percent, assumingfull exercise of the overallotment option. Novo Nordisk willretain 25.5 percent of the share capital. If option is notexercised in full Novo Nordisk will hold 31.5 percent.
The date for the listing is set for no later than March 6.
($1 = 6.5657 Danish crowns) (Reporting by Ole Mikkelsen, editing by Louise Heavens and JaneMerriman)
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