COPENHAGEN: Danish drugmaker Novo Nordisk expects to raise between 1.7 billion and 2.2 billion Danish crowns ($259 million to $335 million) from a stock market listing of its information technology unit NNIT.

NNIT, which provides IT services to its parent and other companies, on Monday set an indicative price for the listing at 100-120 crowns a share.

Based on the price range and assuming full exercise of an overallotment option, proceeds are expected to be 1.863 billion to 2.235 billion crowns, valuing NNIT at about 2.5 to 3.0 billion crowns.

NNIT's market capitalisation will not be large enough initially to send it straight into the country's main stock market index, the OMX Nasdaq Copenhagen C20.

Novo Nordisk, the world's biggest insulin maker, is the Nordic region's largest company with a market capitalisation of more than 656 billion crowns.

NNIT's free float is expected to be 46 percent, assuming full exercise of the overallotment option. Novo Nordisk will retain 25.5 percent of the share capital. If option is not exercised in full Novo Nordisk will hold 31.5 percent.

The date for the listing is set for no later than March 6.

Copyright Reuters, 2015