From Start-up to Stock Market Aspirant
IPO in Fourth Quarter: Will Brainlab go Public?
Market capitalization after withdrawal of founder Stefan Vilsmeier: Brainlab appears to be aiming for an IPO in Frankfurt in the second half of the year. The Munich-based company for medical technology software and surgical planning could be valued at around two billion euros.
Nothing has been confirmed yet: The Munich-based medical technology company Brainlab is said to be planning an IPO in the fall. According to the normally well-informed news platform Bloomberg, the company, which specializes in software for surgery and tumor radiotherapy, has already invited investment banks to apply for a role in the IPO and is working with an advisor to coordinate the IPO plans. However, Brainlab stressed to Bloomberg that no final decision on an IPO has yet been made and no banks have been mandated.
The IPO would mark an important milestone for the medical technology company: founded in 1989 by Stefan Vilsmaier in Poing, the company's vision was already »more precise operations« back then. What began with navigation software for neurosurgery has developed into a comprehensive portfolio of networked medical technology products for surgical planning and cancer therapy. Brainlab is now established worldwide, with over 15,800 Brainlab systems currently in use. The company skillfully combines software and hardware to create integrated systems for modern medicine - and thanks to its success has grown to 2,400 employees, with its headquarters based around the tower of the old Munich airport.
| Brainlab Technology in Clinical Use (in German) |
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Tumorklassifikation in der Krebstherapie: »Kollege Software erspart uns viele Handgriffe« |
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Bildgebung in der Neurochirurgie: Sichere Tumorresektion per Ultraschallnavigation |
The timing of the Brainlab IPO
The news of the planned IPO comes shortly after a change in management. Rainer Birkenbach has been the new CEO since mid-January, with Rudolf Kreitmair taking over as CFO. Founder Vilsmeier withdrew from the operational business at the turn of the year and moved to the Supervisory Board. The IPO now being considered could increase the company value for Brainlab and its owners and at the same time finance further expansion.
The timing of the IPO therefore seems appropriate and favorable, not least because market conditions have stabilized significantly and profitable companies on the »constructive market« currently have good opportunities for successful IPOs. The stock markets are at record highs.
Birkenbach: Second Attempt after 2001
This is not the company's first attempt to go public. Brainlab had already planned an IPO in 2001, but it was canceled two days before the planned date on July 5. At that time, 5.1 million shares were to be placed at a bookbuilding range of 13.50 to 17 euros. Brainlab was thus the last company to cancel its IPO on the Neuer Markt after the dotcom bubble burst. In retrospect, two private placements totaling 25 million euros enabled the Munich-based company to expand independently of shareholders and Brainlab grew into a global market leader for image-based medical technology with a presence in 127 countries.
As Brainlab's new CEO, Rainer Birkenbach plays a central role in the company's strategic direction and current IPO plans. He has been with the company for 30 years and was previously CTO, so has played a key role in shaping its technological development. He is considered a close confidant of founder Vilsmeier and shares his strategic vision.
