Health
HSBC Loses Stada IPO Role After Investment Banking Retreat
- Bank of America is set to replace HSBC as joint bookrunner
- Stada’s €1.5 billion-plus IPO is expected to launch in March
The Stada Arzneimittel factory in Bad Vilbel, Germany.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
HSBC Holdings Plc lost its role on the initial public offering of Stada Arzneimittel AG, according to people familiar with the matter, a first sign of the fallout from the bank’s decision to shutter some investment banking operations in Europe.
After a review, Bain Capital and Cinven — the buyout firms that own the German drugmaker — are poised to replace HSBC with Bank of America Corp. as a joint bookrunner, the people said, asking not to be identified discussing confidential information.