Ebb & Flow

Movetis N.V. is looking to what could be the biggest European biotech IPO in the last two years, and if all the stars align, more than any new offering in Europe in more than five years.

The gastrointestinal disease company hopes to raise €85 million ($127 million) on Euronext Brussels at a price range of €11.25- €14.25 a share. The company said the offering could be increased to €112.4 million ($167 million) through the sale of additional shares and the exercise of an over allotment...