BERLIN (Reuters) -German prosthetics maker Ottobock said on Monday that it is preparing for an initial public offering on the Frankfurt stock exchange.
“The IPO is expected to consist of shares from the holdings of the existing shareholder as well as newly issued shares from a capital increase with targeted gross proceeds of 100 million euros ($117.29 million),” the company said in a statement.
It did not give a timeline for the planned listing.
Ottobock is the world’s largest maker of artificial limbs and braces that support patients’ mobility, known as ortheses, but it is also investing in exoskeletons that help workers lift weights.
A particular area of development and investment are bionic devices that pick up electric nerve signals in limbs to give patients intuitive control over their prosthetics.
A person familiar with the matter told Reuters in August that the family-owned group is eying a valuation of more than 6 billion euros ($7 billion) under the deal.
Owner and Chairman Hans Georg Naeder and his family will likely put 25% to 30% of their shares up for sale in the IPO, but divesting in steps over time is also an option, the source said at the time.
($1 = 0.8526 euros)
(Reporting by Friederike Heine and Ludwig Burger, editing by Thomas Seythal)