German wheelchair maker Sunrise Medical plans IPO in Frankfurt

Berlin: German wheelchair maker Sunrise Medical plans an initial public offering (IPO) on the Frankfurt Stock Exchange this summer, it said in a statement on Tuesday.

The offering will consist of newly issued shares as well as a secondary placement from an existing shareholder controlled by Nordic Capital CV1 Limited.

The company plans to raise 240 million euros ($261.02 million) from the private placement and intends to use the proceeds to repay debt and strengthen its balance sheet.

Sunrise Medical employs over 2,800 people across 23 countries.

In the 2022/2023 financial year, it reported sales of 636 million euros and adjusted earnings before interest, taxes, deprecation, and amortization (EBITDA) of 118 million euros. ($1 = 0.9195 euros)

(Reporting by Andrey Sychev, Editing by Rachel More)