March 22, 2018 / 6:27 AM / 6 months ago

Medical devices maker Medartis prices Swiss IPO at 48 francs/share

ZURICH (Reuters) - Swiss medical devices maker Medartis MED.S priced its initial public offering at 48 Swiss francs ($50.61) per share, implying a market capitalization of 563 million francs and a free float of 24.6 percent including over-allotment shares, it said on Thursday.

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

That was in the middle of the indicated price range of 44 to 54 francs per share for the deal in which Zuercher Kantonalbank [ZKB.UL] and Bryan, Garnier & Co are joint global coordinators and joint bookrunners for Medartis, while Kepler Cheuvreux is acting as co-manager. Quarton International is acting as financial adviser.

Gross proceeds of 123.9 million francs, or 142.6 million including the over-allotment shares, will be used to finance the company’s strategic growth, it added in a statement.

Trading on the SIX Swiss exchange begins on Friday.

Reporting by Michael Shields

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