Pharmacy Chain 36.6, the Russian healthcare retailer, has completed the first European initial public offering of 2003 after pricing shares below its indicative range to raise $14.4m (€13.2m) in turbulent stock markets.

The firm originally intended to raise up to $25.6m, with an indicative price range of $11 to $16 per share. The deal was scheduled to price last week, but was delayed due to market conditions. ING was lead manager and sole bookrunner, with MDM Bank as co-lead manager.