Conviction Life Science pushes back IPO deadline as winter investment freezes
Investment manager Conviction Life Science has pushed back the funding deadline for its London float into the new year, as investors hibernate for the Christmas period.
The soon-to-be listed fund said it wanted to extend its book-building period after seeing many large professional investors close their books and shelve new potential investments until the new year.
The firm, which is listing on the London Stock Exchange to take advantage of undervalued biotech and pharma firms on the market, said it has received a number of interested investors since it published its initial public offering (IPO) prospectus in November.
However, the winter period freezing investments has been the firm’s “biggest challenge”, it said in an announcement today.
“We have received positive feedback from a large number of investors to date, including retail investors via the intermediaries offer,” chairman Geoff Miller said.
“However, the fast approaching Christmas break and specific feedback from several potentially significant investors, has persuaded the board that an extension is appropriate. The board continues to have every confidence in the investment manager and the proposition and looks forward to the close of the Initial Issue in 2023.”