Germany's Ottobock delays IPO due to market turmoil

Chronoscale

19/05/2022 16:18

MUNICH, Germany, May 19 (Reuters) - German artificial limb
maker Ottobock is putting off its planned IPO due to turbulence
on financial markets, majority owner and Chairman Hans Georg
Naeder said on Thursday.
    In principle, going public remains an option for the
family-owned company but the current geopolitical situation and
its fallout in financial markets meant now was not the right
time, Naeder said.
    "Ottobock is not under pressure to go public in the current
environment," Naeder said in a company Intranet interview, which
was seen by Reuters. "We can choose the right time ourselves."
    Ottobock, founded in 1919 as a maker of prosthesis for World
War One veterans, is 80% owned by the founding Naeder family and
20% by buyout fund EQT  EQTAB.ST .
    Listed peers include Ossur  OSSR.CO , Hanger  HNGR.N 
Invacare  IVC.N  and Ekso Bionics  EKSO.O .
    Company insiders said recent sharp drops in the share prices
of other medical technology companies raised doubts about
whether Ottobock could reach a targeted valuation of five to six
billion euros.

 (Reporting by Alexander Huebner
Writing by Paul Carrel
Editing by Madeline Chambers)
 ((paul.carrel@thomsonreuters.com))