BERLIN (Reuters) -German medical technology firm Brainlab is expected to price at 80 euros ($93.86) per share in its initial public offering planned for Thursday, the lower end of its offer range, according to a statement from a bookrunner.
Books are multiple times oversubscribed at that level, the statement said on Monday.
The listing on the Frankfurt Stock Exchange of Munich-based Brainlab, which makes software systems used as navigational tools by surgeons, is set to be the first major IPO this year for Germany and comes despite a volatile market environment hit by growing uncertainty from global trade wars.
Last week, German car parts seller Autodoc puts its IPO on hold.
Brainlab’s official price range was set at 80-100 euros per share, valuing the company in a range of 1.7 to 2.1 billion euros.
The issue volume – 160 million euros at the expected final price – will go to the company itself, with the remainder going to company founder Stefan Vilsmeier, his extended family and Munich-based financial investor EMH Partners.
The executive board is set to present Brainlab to U.S. investors in New York on Monday, with the subscription period ending on Tuesday.
The IPO is being organised by Berenberg and Deutsche Bank.
($1 = 0.8523 euros)
(Reporting by Alexander Huebner, Writing by Rachel More, Editing by Friederike Heine and Miranda Murray)
Comments