ZURICH (Reuters) - Swiss medical device maker Medacta Group SA said on Monday it plans an initial share sale, taking advantage of a rising Swiss stock exchange that has added 10 percent this year as the implant maker seeks to boost its visibility by going public.
Medacta said the IPO is expected to be completed in the second quarter of 2019, subject to market conditions. The deal would be a secondary offering only, with the founding Siccardi family retaining control. An over-allotment option is expected on existing shares.
Family-owned Medacta, which employs 930 people, develops and manufactures orthopedic implants for knees and spines. Medacta generated total revenue of 273 million euros ($307 million) in 2018 with adjusted earnings before interest, taxes, depreciation and amortisation about 32 percent of sales, it said.
“We believe the planned IPO will allow us to further increase awareness and visibility of Medacta and facilitate access to international talent,” said Chief Executive Francesco Siccardi.
There are other Swiss share sales in the works, as well, with trainmaker Stadler also considering a Swiss listing.
Credit Suisse and Morgan Stanley have been appointed as joint global coordinators for Medacta’s IPO. JP Morgan and UBS Investment Bank are acting as joint bookrunners. Rothschild is acting as independent financial adviser to Medacta.
Reporting by John Miller, Editing by Riham Alkousaa and Sherry Jacob-Phillips