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Device-maker Medartis prices Swiss IPO

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Device-maker Medartis prices Swiss IPO

Basel, Switzerland-based Medartis AG priced its IPO at CHF48 per share, in the middle of the indicated range of CHF44 per share to CHF54 per share, Reuters reported.

The pricing suggests a market capitalization of CHF563 million, plus a free float of 24.6%, including the overallotment option.

The medical device-maker will use gross proceeds of about CHF123.9 million, or CHF142.6 million including the overallotment shares, to fund its growth.

The shares will start trading on the SIX Swiss Exchange beginning March 23.

Medartis makes metal implants for the surgical fixation of bone fractures.