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Swiss medical device maker Medacta valued at $1.9 billion in IPO

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ZURICH (Reuters) – Medacta Group SA priced its flotation at 96 Swiss francs per share, giving the Swiss medical device maker a market capitalisation of 1.92 billion Swiss francs ($1.92 billion) at its stock market debut on Thursday.

The price implied an offer size of 547 million francs in the base offering. The founding Siccardi family offered 5.7 million existing shares in the secondary offering and will retain control of the company which develops and manufactures orthopaedic implants for knees and spines.

Medacta’s shares will start trading on the SIX Swiss Exchange.

The joint global coordinators have been granted an over-allotment option of up to 855,000 existing shares, equivalent to up to 15 percent of the base offer size.

The free float of Medacta amounts to 28.5 percent before exercise of the over-allotment option and 32.8 percent if the over-allotment option is exercised in full.

Medacta, which employs 930 people, generated revenue of 273 million euros (£233 million) in 2018 with adjusted earnings before interest, tax, depreciation and amortisation about 32 percent of sales.

Its stock market debut is the first IPO in Switzerland this year after 12 companies listed in 2018. There are other Swiss share sales in the works, with trainmaker Stadler also planning a listing.

Credit Suisse and Morgan Stanley are joint global coordinators for Medacta’s IPO. JP Morgan and UBS Investment Bank are joint bookrunners. Rothschild is independent financial adviser to Medacta.

(Reporting by John Revill; Editing by Michelle Martin and Michael Shields)

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