Symetis develops, produces and markets heart valve replacement solutions for the treatment of severe cardiac valve conditions. The company plans to raise € 55.8 million that could be increased to approximately € 64.1 million in the event of full exercise of the Overallotment Option. It’s already the third younger Swiss technology company going public this year.
Symetis has today announced the launch of its initial public offering with a view to listing its shares for trading on the regulated market of Euronext in Paris. The start of trading of the Company’s shares on Euronext Paris is planned for 4 April. It’s the second attempt of the company to go public.
Jacques R. Essinger, PhD, Chief Executive Officer of Symetis, commented: “We are well positioned to become the leading European structural heart player by leveraging our expertise, products and know-how to further capture market share in the TAVI market and expand into other segments of the structural heart field, such as, mitral valve replacement and repair. Our IPO is intended to provide Symetis with the resources needed to accelerate the pace of its development and continue its leadership in structural heart”.
On 17 March 2017, the Autorité des Marchés Financiers (AMF) approved the English language prospectus (including a French language summary) relating to Symetis’ initial public offering and listing of its shares on the regulated market of Euronext in Paris by granting visa no. 17-097.
Revenues of CHF38 million in 2016
Symetis develops, manufactures and markets next-generation percutaneous heart valve replacement solutions for the treatment of severe cardiac valve conditions. Recognized by interventional cardiologists and surgeons for their clinical performance and ease of use, the company’s products and their delivery systems are based on proprietary design and delivery technologies and are marketed and sold internationally, including 70% in the DACH region (Germany, Switzerland, Austria). Growing at a strong and sustained CAGR of 55% since 2012, the company generated revenues of CHF 38.4 million in 2016 (as well as losses of CHF 16.3 million in 2016).
Public offering and placement for institutional investors
The offering of the new shares of Symetis will consist of a global placement (the “Offering”) including:
— a public offering to retail investors in France made by means of an open price offering (the “Open Price Offering” or “OPO”); and
— a global placement (the “Global Placement”) principally intended for institutional investors in France and other countries consisting of:
– a private placement in France and in Switzerland;
– an international private placement in various countries including the United States and Canada; and
– a private placement in the United States to accredited investors as defined in Regulation D under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) that are also qualified institutional buyers as defined in Rule 144A under the U.S. Securities Act.
Should demand received in connection with the OPO permit, the number of shares allotted to meet orders placed via the OPO will be at least equal to 10% of the total number of shares offered for sale in the Offering prior to any exercise of the Overallotment Option. The transaction could be cancelled if the subscriptions received do not reach EUR 40 million.