Gold prices edge up amid Fed rate cut hopes; US-Russia talks awaited
Investing.com -- Shares in Galderma Group AG fell on Tuesday after shareholders offloaded a 6.3% stake in the Swiss skincare company, raising approximately 1.34 billion Swiss francs ($1.5 billion).
EQT AB (ST:EQTAB), Abu Dhabi Investment Authority, and Auba Investment Pte sold 15 million shares at 89 Swiss francs each. According to Bloomberg, it represents a 7.8% discount to Monday’s closing price.
The stock fell as much as 6.7% in early trading before recovering slightly. It is currently down around 5.5%.
Reuters reported that the offering was multiple times oversubscribed.
The sale marks another sell-down following Galderma’s IPO last year, with the combined stake of the selling firms now below 50%.
This move comes as part of a broader trend of block sales across Europe, as investors take advantage of high equity valuations despite ongoing market volatility.
Galderma’s shares had risen 82% from their IPO price before last week, when subdued growth forecasts triggered a decline.
Major banks including Bank of America, BNP Paribas (OTC:BNPQY), Goldman Sachs, Morgan Stanley (NYSE:MS), and UBS arranged the transaction.