Malin has raised up to €330m in one of Europe's biggest life science IPOs, the company said today.

This surpassed its target range of €275-325m as it prepares to invest the cash in smaller, pre-IPO companies.

Malin was set up by a number of executives from former Irish stock market stalwart Elan.

It said today that €302m will be raised through the issue of new ordinary shares on its admission to the Irish Stock Exchange's Enterprise Securities Market on Wednesday.

It added that up to a further €28m had been committed subject to certain conditions, mainly by its largest investor, Woodford Investment Management, at the €10 per share issue price.

Malin has said it will invest in companies for which an initial public offering or sale is premature and provide the long term capital and industry experience it says venture capital and private equity funds cannot guarantee.

It has committed €100m to seven such firms, from a US disinfection technology company to a Pan-African distributor.

A further €130m is promised subject to contingent commitments being met. 

Malin will use the rest of the funds to make a number of further acquisitions and investments after its flotation.

The company said today that its cornerstone investors Woodford Investment Management and the Government's new strategic investment fund will own 19.5% and 15.4% of its stock respectively. 

The additional committed investment would bring Woodford's stake up to 28%, Malin said.

Malin had set out to attract long term investors and it said today that it has sold 13.9% of the shares to Reedy Creek Investments, 9.3% to Britain's Pension Protection Fund and 7.7% to insurer Aviva.

"We are delighted at the quality of Irish, UK and global investors who have participated in the offering and who share our long-term vision for Malin," Malin chairman John Given said in a statement. 

"This alignment will help us achieve our goal of creating value for shareholders by building a globally significant life sciences company with world class scientific and business leadership from our Irish base," he added.