Symetis sets range for $96m IPO

(Reuters) — Symetis, a Swiss maker of replacement heart valve devices, said it has set a price range for its initial sale of shares between 35 and 46 Swiss francs ($36.16-$47.53), as it seeks to raise money from investors for business expansion and R&D. At the midpoint the flotation would fetch CHF 93.2 million ($96.2 million).

Symetis is offering up to 2.3 million new shares and has said it aims to raise 80 million francs.

The price range of the shares, due to begin trading Sept. 29, implies a total market value of between CHF 200 million and 240 million ($206.7 million to $248.0 million), the company said.

The Lausanne-based company has said the money raised by the Swiss listing would allow it to expand its business in the European Union and boost research and development efforts and clinical trials in Japan and the U.S.

Existing Symetis investors have pledged to buy shares worth up to CHF 15 million ($15.5 million) and are due to be granted a preferential allocation.

Symetis, its board and executive managers have committed to a lock-up period of 12 months, while others including employees, former employees and consultants and creditors have committed to a lock-up period of 6 months.

The valve maker has said it had CHF 10.8 million ($11.2 million) in revenue for the 1st half of 2015, up 68% from the same period a year earlier after stripping out the impact of currency changes.

Symetis’ 1st 2 products, Acurate TA and Acurate neo/TF, were launched in Germany, Austria and Switzerland and sales were recently expanded into other European countries.

When it announced the IPO earlier this year, Symetis said Credit Suisse was the global coordinator and joint bookrunner, with Jefferies International also a bookrunner. Bank am Bellevue AG and Bank Vontobel AG are co-managers.

($1 = 0.9678 Swiss francs)

The post Symetis sets range for $96m IPO appeared first on MassDevice.

from MassDevice http://ift.tt/1LvRP32