Adding up Addex

Buysiders were clearly split on the pricing of the Addex IPO on the SWX Swiss Exchange last week. Despite being more than four times over-subscribed, the stock - which priced last Monday at CHF73 a share - went as low as CHF62.20 last Friday before recovering a tad to close the week at CHF65.

ADXN raised CHF137 million ($111.6 million) through the sale of 1.9 million shares for a post-money valuation of CHF428 million ($348.8 million). ...