Biofrontera, which sells treatments for skin conditions caused by sun damage, increased the proposed price range for its upcoming US IPO on Wednesday. The Leverkusen, Germany-based company now plans to raise up to $36 million by offering 3 million ADSs at a price range of $11 to $13, up from the original $8.80 to $10.80. At the midpoint of the revised range, Biofrontera will raise 22% more in proceeds than previously anticipated and command a fully diluted market value of $266 million.
Biofrontera is currently traded on the Frankfurt Stock Exchange under the symbol "B8F" and the deal size includes a concurrent preemptive rights offering.
The company was founded in 1997 and booked $13 million in sales for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol BFRA. The Benchmark Company is the sole bookrunner on the deal.
