UPDATE 2-Belgium's Movetis rises on Brussels debut

By Antonia van de Velde and Philip Blenkinsop

BRUSSELS, Dec 4 (Reuters) - Shares in drugmaker Movetis NV , Belgium's largest flotation since October 2007, rose on their Friday debut on Euronext Brussels in a encouraging sign for European pharmaceutical firms looking for money.

The stock jumped as much as 7.3 percent to 13.15 euros in the first 15 minutes of trading, but were back at 12.65 euros by 1610 GMT, still 3.3 percent higher on their listing price.

'The operation has succeeded. It is important for the sector to see that such operations are possible,' Bank Degroof analyst Jan Van den Bossche said.

The IPO is the largest in Belgium since zinc producer Nyrstar NV raised about 1.74 billion euros ($2.6 billion) in October 2007 and the biggest of a pharmaceutical company in Europe since December 2007, when Spain's Rovi SA raised 177 million euros, according to Thomson Reuters data.

The gastrointestinal specialist plans to use the cash to help fund the European launch of lead product Resolor, which treats chronic constipation in women and was approved for sale in Europe in October.

Movetis Chief Executive Dirk Reyn expressed satisfaction at the flotation, the spread of interest from the public (which accounted for about 10 percent of the new money), specialist funds and more general institutions as well as the price.

Movetis had priced its initial public offering (IPO) at 12.25 euros -- just below the middle of an indicated range of 11.25 to 14.25 euros.

'I think it was about right. We've shown there's some upside there,' Reyn said.

In contrast, German builder Hochtief AG shelved the planned sale of shares in its Hochtief Concessions unit in a sign that investors are ready to stand their ground over the price sought by companies.

Movetis said it raised 85 million euros, as it had predicted in November, by issuing 6.9 million new shares, representing about 35 percent of the company's equity.

That amount could rise to 97.75 million euros if an over-allotment option is exercised in full.

Movetis was founded in 2006 as a spin-out from Johnson & Johnson, which retains the rights to sell Resolor in much of the world.

(Editing by Simon Jessop and David Holmes)

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