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I.M.D. International Medical Devices S.p.A.: IPO on Euronext Growth Milan – approx. Euro 6.0 mln raised

Banca Akros acted as Sole Global Coordinator and Euronext Growth Advisor

IMD Group is an Italian player active in the field of medical devices (MedTech sector) focused on diagnostic imaging solutions based on X-ray technology. In particular, the group develops, manufactures and distributes a broad portfolio of X-ray diagnostic systems and components for major clinical applications in the field of radiology. The company ended year 2022 with consolidated revenues of c. Euro 41.8 million (of which more than 72% abroad) and with EBITDA of c. Euro 5.6 million with an EBITDA margin of 13.5%.

The listing took place through the placement, exclusively addressed to primary Italian and foreign institutional/qualified investors, of a total of 2,910,750 ordinary shares, of which:

  • 2,646,750 new issued ordinary shares; and
  • 264,000 ordinary shares for sale (corresponding to approx.. 10% of Offer shares) resulting from the exercise of the over-allotment option granted by Alefra S.r.l. to the Global Coordinator Banca Akros S.p.A..

The Offer period started on 19 June 2023 and ended on 27 June 2023. The first day of trading on Euronext Growth Milan was 7 July 2023.

The Offer price was set at Euro 2.05 per share, with total proceeds of approximately Euro 6.0 million and a market capitalization at the start of trading of approx. Euro 36.2 million.

The free float is equal to 15.0% of share capital without considering the possible exercise of the over-allotment option (in case of full exercise of the greenshoe option the free float will be equal to 16.5%).

The Offer received strong interest from leading institutional investors, with a total demand, at the Offer price, of approximately Euro 7.82 million (pre greenshoe oversubscription of over 1.4x).

On 12 June 2023, the shareholders Alefra S.r.l. and Aniello Aliberti signed with the anchor investor Dornier Medtech GmbH, a company based in Germany and a global reference player in medical technology specializing in urology devices, a sale and purchase agreement and shareholders’ agreement, concerning the sale by Alefra S.r.l. to Dornier MedTech of a number of shares corresponding to 9.5% of IMD’s share capital, as at the date of commencement of trading following the offer and therefore post-IPO.

Banca Akros acted as Euronext Growth Advisor, Sole Global Coordinator, Sole Bookrunner and Specialist with a team formed by Giulio Greco (Head of Equity Capital Markets), Giuliano V. Altieri (Director) and Nicola Biancoli (Analyst).

The transaction – which was successfully concluded in a particularly challenging market condition – confirms Banca Akros’ role as a key player in the mid-market segment for IPO transactions.

Equity Capital Markets
Banca Akros
Equity Capital Markets


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