Paris, London and New York October 10th 2013 – Bryan, Garnier & Co, the European Growth Investment Bank, announces today the success of the Initial Public Offering of LDR Holding, a global medical device company on the Nasdaq Global Market under the ticker symbol "LDRH". Bryan Garnier & Co acted as joint bookrunner with Piper Jaffray & Co and William Blair & Co., while Cowen & Co, Stephens Inc. and JMP Securities were co-managers of the offering.
The offering of 5,000,000 new shares at $15 per share, the middle of the indicative range, provides LDR with $75m of gross proceeds. In addition, the over-allotment option has been fully exercised resulting in the issue of additional 750,000 shares of common stock at the public offering price representing $11.3m. The market capitalisation of LDR is approximately $351m following the IPO. In first day of trading, Wednesday October 9th, shares rose 29% at $19.4 with significant volumes.
The high level of demand for the stock reflects the renewed appetite of investors for midcap growth companies. “The institutional demand gathered across Europe despite the Nasdaq listing and US-denominated stock sends a strong signal on European investors coming back to companies which have the potential to establish new market leadership. As a leading European independent investment bank focused on the growth sectors of the economy, Bryan Garnier demonstrates its capability to support global growth companies in their approach of European capital markets” said Greg Revenu, Managing Partner at Bryan, Garnier & Co. “Based on a widely-recognised specialised equity research and investment banking capacity, Bryan Garnier has established itself as the leading healthcare franchise for growth companies in the sector in Europe, with transactions ranging from M&A to public to private growth financing” added Hervé Ronin, Director Healthcare at Bryan, Garnier & Co.
About LDR - Founded in Troyes, France, and headquartered in Austin, Texas, LDR is a global medical device company focused on designing and commercializing novel and proprietary surgical technologies for the treatment of patients suffering from spine disorders. The company is currently selling products in over 30 countries, generating revenues of $90.9m in 2012. For the past three calendar years, revenue has grown at a compounded annual growth rate, or CAGR, of 24%. In August 2013, LDR received approval from the U.S. Food and Drug Administration (or FDA), for its Mobi-C cervical disc replacement device, the first and only cervical disc replacement device to receive FDA approval to treat both one-level and two-level cervical disc disease. Industry sources expect that the currently emerging cervical disc replacement market will be one of the fastest growing segments of the U.S. spine implant market.
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About Bryan, Garnier & Co (www.bryangarnier.com )
Bryan, Garnier & Co is an independent investment
bank specialized in European growth companies, providing them with Equity
Research & Brokerage, Asset Management and Corporate Finance services. With
more than 120 professionals based in London, Paris, New York, Geneva and New Delhi,
Bryan, Garnier & Co combines the range of services and the expertise of
top-tier investment banks with the level of attention to clients of a boutique.
Bryan, Garnier & Co is a leading advisor to European growth companies on
strategic finance transactions such as mergers & acquisitions, equity
capital market, LBOs and private placement. Bryan, Garnier & Co is
authorized and regulated by the Financial Conduct Authority (FCA) in the United
Kingdom, and is member of London Stock Exchange and Euronext, Alternext Listing
Sponsor, and is active on all European capital markets.