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The implant manufacturer hopes to not make a boob of their listing.
EnterNext, the Euronext subsidiary dedicated to promoting and growing its SME market, has begun listing IMPLANET (NYSE:IMPL), a medical technology company producing state-of-the-art implants used in orthopaedic surgery. IMPLANET has joined compartment C of Euronext N.V., a wholly owned subsidiary of IntercontinentalExchange Group, Inc. (NYSE:ICE), in Paris.
Founded near Bordeaux in 2007, IMPLANET is noted producing state-of-the-art orthopaedic implants. Its flagship product, the latest generation JAZZ implant, improves treatment of major deformities and degenerative diseases of the spinal column.
Protected by four international patent families, JAZZ is used in all vertebral fusion procedures, a surgical technique that recreates spinal stability by fusing two adjacent vertebrae and inserts implants to stabilise the resulting structure. Thanks to regulatory approvals already granted, EC marking and FDA approval in the United States, JAZZ’s potential market is estimated at over $2 billion.
IMPLANET was listed through the admission to trading of 2,955,604 shares making up the company’s equity and 1,959,259 newly shares issued as part of a Global Offering[1], including full exercise of the extension and over- allotment options.
With total demand of around €31.5 million, the issue was oversubscribed 2.3 times, reflecting IMPLANET’s popularity with institutional investors in France and abroad, as well as individual investors. Listing raised a total of €14.1 million.
The admission and issue price of IMPLANET shares was set at €7.20 per share. Market capitalisation on the day of listing came to around €39 million.
“We are delighted to welcome IMPLANET to the very wide selection of biotech and medtech companies listed on Euronext,” said EnterNext Chairman and CEO Eric Forest. “Its successful listing underscores investors’ great interest in SMEs, particularly in this sector. We look forward to helping IMPLANET raise its profile and expand its reach in France and the rest of the world.”
Ludovic Lastennet, CEO of IMPLANET, said: “I am very happy with IMPLANET’s successful listing on Euronext where the number of health stocks has grown steadily and expanded its reach with international investors. I would like to thank all of our historic shareholders, as well as those who have just now joined us to make JAZZ a global success.”
