FRANKFURT -German prosthetics firm Ottobock debuted on the Frankfurt Stock Exchange on Thursday, starting trading at 72 euros ($83.61) per share, well above the previous offer price, in the country’s largest initial public offering in over a year.
The world’s leading manufacturer of artificial limbs said earlier this week it would raise about 808 million euros through the IPO, pricing its shares at the upper end of the previously announced price range of 62-66 euros.
The offering valued the company at 4.2 billion euros.
Ottobock will receive 100 million euros from the offering, with the remaining proceeds going to the founding Naeder family, which will retain more than 80% of the shares, according to the prospectus.
The IPO comes amid a rash of new listings across Europe in recent weeks, which have buoyed dealmakers after a dearth of activity over the past two years.
Since September, Swiss Marketplace Group debuted in Zurich, Verisure floated in Stockholm with a 13.7 billion euros valuation, and the London Stock Exchange hosted listings for U.S. energy firm Fermi and Beauty Tech Group.
Ottobock’s listing marks the company’s second attempt to go public, after shelving its first effort in 2022 following Russia’s invasion of Ukraine. The offering is Germany’s largest since retailer Douglas went public in March last year.
Hamburg-based billionaire Klaus Michael Kuehne and a fund managed by U.S. asset manager Capital Group acted as cornerstone investors on the deal.
($1 = 0.8611 euros)
(Reporting by Charlie Conchie, editing by Kirsti Knolle and Ludwig Burger)
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