VC-backed Implanet floats

Ellie Pullen
25 November 2013

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French medical technology company Implanet, backed by several venture capital firms, has listed on the NYSE Euronext Paris with a market cap of €39m.

The company raised €14.1m in its IPO, equivalent to approximately 1.96 million shares at a price of €7.2 each. The offering includes Implanet's over-allotment option, which has been exercised due to strong investor demand.

The subscription period for Implanet's IPO began on 6 November with an indicative price range of €6.08-€7.42 per share. According to the company, demand exceeded the offer by 2.3x.

Implanet's investors collectively placed a subscription order of €2m for the IPO. The company is backed by Auriga Partners, Edmond de Rothschild Investment Partners (EdRip), Wellington Partners, Seventure and CM-CIC.

EdRip and Wellington are the company's largest shareholders, according to the Euronext website, with stakes of 16.74% each. Auriga has a shareholding of 16.03% in the company, while CM-CIC owns 11.83% and Seventure holds a 10.17% stake.

The company first received funding in June 2007 from EdRip, Wellington and Auriga. The round totalled €13m, with the three firms each contributing €3m and the balance footed by business angels and Implanet's founders, according to unquote" data.

In April 2010, Implanet secured a further €8m in a round led by CM-CIC, which provided half of the total amount. The remainder was supplied by EdRip, Wellington and Seventure, as well as several private investors.

Eumedix advised on the flotation, while Oddo & Cie was appointed as joint lead manager and bookrunner alongside joint lead manager DSF Markets. Implanet began trading today (25 November) on the Euronext under the ticker symbol "IMPL".

Company
Founded in 2007, Implanet is headquartered in Martillac and employs 33 staff. The company recorded sales of €6.6m in 2012.

Implanet is a medical technology company that specialises in the manufacturing of vertebral and knee surgery implants. Its Jazz implant product is designed to improve the treatment of spinal pathologies that require vertebral fusion surgery. Jazz has obtained CE marking and 510(k) approval from the US Food and Drug Administration.

People
Ludovic Lastennet is the CEO and co-founder of Implanet.