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ZURICH (Reuters) – Medacta Group Ltd. has priced its IPO at 96 Swiss francs per share, giving the Swiss medical device manufacturer a market capitalization of 1.92 billion Swiss francs (US $ 1.92 billion). his debut on the stock market Thursday.
The price involved a basic offer of 547 million francs. The Siccardi founding family has offered 5.7 million existing shares in the secondary supply and will retain control of the company that develops and manufactures orthopedic implants for knees and spines.
Medacta shares will start trading on the SIX Swiss Exchange.
Global coordinators received an over-allotment option of up to 855,000 existing shares, which corresponds to 15% of the size of the basic offering.
Medacta's free float amounted to 28.5% before the exercise of the over-allotment option and to 32.8% if the over-allotment option is exercised in full.
Medacta, which employs 930 people, generated a turnover of 273 million euros in 2018 with adjusted earnings before interest, taxes, depreciation and amortization accounting for about 32% of the turnover.
Its IPO is the first IPO in Switzerland this year after 12 publicly traded companies in 2018. Other Swiss equity sales are underway, with trainer Stadler also planning an IPO.
Credit Suisse and Morgan Stanley are joint global coordinators of the Medacta IPO. JP Morgan and UBS Investment Bank are badociated bookkeepers. Rothschild is an independent financial advisor to Medacta.
Reportage of John Revill; Edited by Michelle Martin and Michael Shields
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