Synlab Rises After $813 Million IPO as Covid Tests Ramp Up (1)

German laboratory operator Synlab AG rose after the company and its shareholders raised 671 million euros ($813 million) in a stock-market listing, buoyed by a boom in coronavirus testing.

Synlab climbed 11% to 19.89 euros at 2:25 p.m. in Frankfurt, up from the listing price of 18 euros. The company priced its IPO at the low end of the range at which the shares were marketed, while shareholders cut down the size of the stake they were selling in the initial public offering by 25%.

The company sold 22.2 million new shares, while shareholders offered 15.1 million shares. The company’s ...