Germany's Ottobock delays IPO due to market turmoil

Hans Georg Naeder, President and CEO of prosthesis maker Ottobock SE attends the company's 100-years anniversary celebration in Duderstadt, Germany, February 18, 2019. REUTERS/Ralph Orlowski

MUNICH, Germany, May 19 (Reuters) - German artificial limb maker Ottobock is putting off its planned IPO due to turbulence on financial markets, majority owner and Chairman Hans Georg Naeder said on Thursday.

In principle, going public remains an option for the family-owned company but the current geopolitical situation and its fallout in financial markets meant now was not the right time, Naeder said.

"Ottobock is not under pressure to go public in the current environment," Naeder said in a company Intranet interview, which was seen by Reuters. "We can choose the right time ourselves."

Ottobock, founded in 1919 as a maker of prosthesis for World War One veterans, is 80% owned by the founding Naeder family and 20% by buyout fund EQT (EQTAB.ST).

Listed peers include Ossur (OSSR.CO), Hanger (HNGR.N) Invacare (IVC.N) and Ekso Bionics (EKSO.O).

Company insiders said recent sharp drops in the share prices of other medical technology companies raised doubts about whether Ottobock could reach a targeted valuation of five to six billion euros.

Reporting by Alexander Huebner Writing by Paul Carrel Editing by Madeline Chambers

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