Apotex Health Corp., Canada’s largest drug manufacturer, is increasing the size of its initial public offering to $1.3-billion on the back of strong investor demand and will price its shares at $24 each on the Toronto Stock Exchange.

The drug manufacturer set out to raise $1-billion and initially hoped to price its shares between $20 and $24 apiece. Apotex, which is currently owned by a private equity company, is now raising 30 per cent more than planned, and has priced the deal at the top end of its marketing range, according to someone familiar with the transaction.

The Globe and Mail is not naming the source because they are not authorized to speak publicly about the deal.

Apotex did not immediately return a request for comment, but the company is expected to publicly announce the deal size and the pricing after stock markets close this afternoon.

More to come.