Apax's Amplitude in €239m listing

Amplitude Surgical started trading on Euronext under the AMPLI ticker on 26 June.

Priced at 500 cents per share, the flotation comprised a total of 20 million shares, equating to 42.62% of Amplitude's capital. The 10 million new shares resulted in a €50m capital increase.

The remaining 10 million shares were sold by shareholders Apax, FPCI CIC Mezzanine 2 and FPCI Idinvest Private Debt for another €50m. The figure, which could be driven up to €59.3m with the over-allotment option, amounts to less than the €80m expected to be sold last week.

The sale of both new and existing shares could see Amplitude reap up to €109m in proceeds.

Amplitude will dedicate the proceeds to bolstering its existing presence in countries such as Australia and Brazil, while expanding simultaneously via the launch of a targeted product range in the US and Japan.

The implant specialist is aiming to drive up revenues from the €58.2m posted in 2014 to €130m in 2018, with international sales expected to jump from 36% of turnover to 60%.

Natixis and Oddo & Cie worked as joint lead managers and joint bookrunners for the IPO, alongside Crédit Agricole CIB.

Having been majority shareholder since the 2011 buyout, Apax France expects to retain a 44.69% stake, down from 84.91% pre-IPO.

Previous funding
Amplitude was first backed by institutional investors in September 2004, when SME-focused firm Initiative & Finance invested €12m to acquire a minority stake in the business.

In June 2008, Initiative & Finance was joined by Weinberg Capital Partners and founders Olivier Jallabert and Bruno Saint Paul for a second buyout. The largest shareholder among the investing trio, Weinberg acquired a 53% stake in Amplitude.

In June 2011, Apax France bought out Weinberg and Initiative & Finance. The SBO, valuing Amplitude in the €100-125m range, was the second to be financed via Apax's €700m eight fund. At the time, the GP stated it would support the business in diversifying its product offering and expanding in France and abroad, with plans for bolt-on acquisitions.

The transaction was further supported by a senior debt package thought to represent around 40% of the deal value and a mezzanine tranche provided by CIC Mezzanine Gestion and Idinvest Private Debt.

Company
Founded in 1997, Amplitude Surgical is a prosthesis designer focusing on orthopaedic implants for hips and knees.

Headquartered in Valence, France, the business is present in 31 countries and operates via 11 subsidiaries, including two in France and nine abroad. Employing a workforce of 210 professionals, Amplitude posted an EBITDA of €12.8m and a €58.2m turnover in 2014.

People
The flotation was led by partner Pivin Bertrand on behalf of Apax. Olivier Jallabert is CEO at Amplitude Surgical.

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