March 23, 2018 / 8:12 AM / a year ago

Shares in medical devices maker Medartis rise after Swiss IPO

FILE PHOTO: A logo of Medartis, a Swiss producer of metal implants for the surgical management of fractures, is seen during a news conference to present the planned IPO, in Zurich, Switzerland March 12, 2018. REUTERS/Moritz Hager

ZURICH (Reuters) - Shares in Swiss medical devices maker Medartis (MEDA.S) rose around 12 percent in early trading on Friday from the issue price of 48 Swiss francs per share in an initial public offering that implied a market capitalization of 563 million francs.

Zuercher Kantonalbank [ZKB.UL] and Bryan, Garnier & Co were joint global coordinators and joint bookrunners for Medartis, while Kepler Cheuvreux acted as co-manager. Quarton International was financial adviser.

Gross proceeds from the IPO of 123.9 million francs, or 142.6 million including over-allotment shares, will be used to finance the company’s strategic growth.

Reporting by Michael Shields; Editing by Brenna Hughes Neghaiwi

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