Implantica AG (“Implantica”), a Liechtenstein incorporated medtech group with operations in the implantable medical device and eHealth markets, has completed the largest medtech IPO on Nasdaq First North Premier as well as the largest IPO ever (in terms of market cap at the time of the IPO) on Nasdaq First North Premier.
The IPO, which commenced trading on 21 September 2020, consisted of 16,923,076 Swedish Depository Receipts (“SDRs”), representing class A shares in Implantica. Including the overallotment option, the total shares offered will be 19,461,537 SDRs. The IPO attracted very strong interest from both Swedish and international institutions as well as the general public in Sweden and was substantially oversubscribed. New investors included, e.g. the five cornerstone investors Swedbank Robur Ny Teknik, Handelsbanken Fonder on behalf of managed funds, TIN Fonder, Skandia and Nordea Asset Management on behalf of, amongst others, the fund Nordea Innovation Stars.
Provided that the overallotment option in relation to the IPO is fully exercised, the company will receive IPO proceeds of approximately SEK 1,265 million or CHF 130.80 million before deduction of costs. This corresponds to a market value of all shares in Implantica of approximately SEK 4,190 million or CHF 433 million.
Baker McKenzie acted as legal advisor to Implantica in the IPO with a Swedish team consisting mainly of Joakim Falkner, Stefan Balazs, Johanna Flink, Ian Gulam, Marlene Wiklund and Per Blom and with a Swiss team consisting mainly of Matthias Courvoisier, Yves Mauchle and Beau Visser. Pareto Securities acted as Global Coordinator and Sole Bookrunner in the IPO.