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Investing.com -- Shares in German medical-technology company Ottobock climbed in early trading on Thursday as the company made its debut on the Frankfurt Stock Exchange.
Ottobock began trading at €72 a share, exceeding the final offering price of €66 per share that was announced late Tuesday.
The shares rose as high as €73 during European morning trading, marking an 11% increase above the IPO price.
The final offering price gave Ottobock a market capitalization of approximately €4.2 billion ($4.88 billion).
The company stated it could raise up to €808 million, assuming the option to issue additional shares is fully exercised.
Ottobock’s offering consists of up to 12.2 million shares, representing 19.12% of the company’s share capital. This includes 1.5 million new-bearer shares and 9.1 million existing shares from shareholder Naeder Holding.
The company also said there will be 1.6 million existing shares issued through an overallotment option.
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