MIG-backed Brain lists on FSE

It was the first listing of a German biotech company since 2006. The company issued around four million shares in the IPO at an initial share price of €9 per share, pricing it at the lower end of its €9-12 price range.

Post-IPO, Brain's free float is 24.5%. Of the 3.6 million shares placed, 3.5 million were from a new share issue. Of the placed shares, 19% were allocated to retail investors, as well as Brain employees and investors of MIG.

The remaining shares were placed with institutional investors from different European countries. Proceeds from the flotation will go into expanding Brain's product business.

Oddo Seydler Bank was sole global coordinator and sole bookrunner.

Previous funding
MIG Fonds has been invested in Brain since 2006. Prior to the IPO, MIG held 15.4% in the company.

Company
Brain in based in Zwingenberg and was founded in 1993. The company specialises in industial biotechnology. It runs a database of naturally occurring substances, enzymes and microorganisms. From those, it develops substances that can raise the performance of chemical substances. An example are enzymes that raise the cleaning ability of washing powder.

People
Brain – Jürgen Eck (CEO).

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• Topics
• Exits
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• Flotation
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