* Carmat sets date, pricing of IPO
* Price of 18.75 eur per share at midrange of pricing
* Braves difficult IPO market
PARIS, July 7 French artificial heart developer
Carmat, which counts EADS EAD.PA amongst its shareholders,
has set the date of its initial public offering for July 13 as
it seeks extra funds to bring its product to market.
The company is braving a difficult environment for IPOs as
volatile markets push some firms to delay or cut the price of
Paris-based Carmat is pricing the IPO at 18.75 euros per
share, halfway between its previously indicated price range of
17.35 to 20.15 euros, the firm said in a statement on
The float will represent 21.8 percent of Carmat's total
capital and will give it a market value of 71.3 million euros
The extra cash will help Carmat test its artificial heart
on humans from 2011 with the aim of selling it from 2013, Chief
Executive Marcello Conviti said in the statement.
Carmat's artificial heart is the brainchild of Alain
Charpentier, an award-winning surgeon at Paris' Georges
Pompidou Hospital whose past backers include the late Jean-Luc
Lagardere -- founder of media group Lagardere (LAGA.PA) -- and
more recently EADS and private-equity firm Truffle Capital.
Carmat has said its artificial heart is more cutting-edge
and more efficient -- thanks to automatic regulation -- than
rival artificial hearts made by companies such as AbioMed
The IPO comes at a testing time for new listings in Europe
as financial-market volatility makes companies hard to value
and keeps investors wary.
The recent IPO of Accor (ACCP.PA) voucher business Edenred
was priced at the lower end of its indicated range, while
British fashion chain New Look and airline ticketing group
Travelport have abandoned flotations.
(Reporting by Lionel Laurent; Editing by Gary Hill)