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10/2025IPO

Ottobock went public

GERMANY Life Sciences / Medical Devices / Implants & Prosthetics EV €1–10bn

Context

Ottobock successfully completed its Initial Public Offering on the Frankfurt Stock Exchange, marking the largest German IPO of 2025. The shares were priced at €66.00, with the first trading price reaching €72.00 (a 9% premium). At the issue price, the market capitalization stood at €4.2 billion, rising to €4.6 billion upon listing. The strategic rationale for the IPO was to raise gross proceeds to deleverage the balance sheet and accelerate investments in "future technologies," such as AI-integrated bionics and exoskeleton research. Additionally, the capital will fund targeted acquisitions in the fragmented Patient Care and components sectors. The deal marks a milestone in the company’s history, professionalizing its capital structure while providing an exit path for previous minority stakeholders and securing a long-term capital base for global expansion.

The acquisition of Ottobock is part of the growth strategy of Public Markets, which already has several external growth operations under its belt, notably Basic-Fit in 2016.

Ottobock, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

-> Deep-dive in Healthcare & Pharma market trends

Target

Ottobock is the global market leader in wearable human bionics and prosthetics. Its business model integrates the development and manufacturing of high-tech mobility solutions—including bionic prostheses, braces, and wheelchairs—with a vast global "Patient Care" network of over 400 fitting centers. The company’s value proposition centers on restoring human mobility through innovation, such as the microprocessor-controlled C-Leg and the Genium bionic knee. Strategically, Ottobock operates a vertically integrated model, capturing value from R&D and component manufacturing to direct clinical service delivery. With over 9,300 employees, the firm has evolved from a traditional family business into a data-driven medtech powerhouse, focusing on digitalizing the orthopedic fitting process and expanding its presence in emerging markets.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€1–10bn
€250–500M
[members only]
2023
€1–10bn
€250–500M
[members only]

Other operations with Ottobock

Other operations with Ottobock
DateAcquirerTargetCountrySector
05/2025OTTOBOCKMATTON ORTHOMEDIBELGIUMImplants & Prosthetics
06/2017EQT PARTNERSOTTOBOCKGERMANYImplants & Prosthetics

Other operations with Public Markets (IPO)

Other operations with Public Markets (IPO)
DateAcquirerTargetCountrySector
10/2026PUBLIC MARKETS (IPO)TK ACCELISGERMANYB2B Specialized Distribution
10/2025PUBLIC MARKETS (IPO)THE BEAUTY TECH GROUPUNITED KINGDOME-commerce & Marketplaces
05/2016PUBLIC MARKETS (IPO)BASIC-FITNETHERLANDSHospitality
05/2016PUBLIC MARKETS (IPO)MAISONS DU MONDEFRANCEHome & DIY
02/2014PUBLIC MARKETS (IPO)MANX TELECOMUNITED KINGDOMOperators
07/2010PUBLIC MARKETS (IPO)SMART TECHNOLOGIESCANADAIT Equipment

Similar deals in Life Sciences

Similar deals in Life Sciences
DateAcquirerTargetCountrySector
11/2025ANJAC BEAUTY & HEALTHHEALTH CHAIN GROUP (HCG)SLOVENIACDMO
11/2025ARLANEDESSINTEYFRANCEMedical Devices
09/2025CREDIT MUTUEL EQUITY / EURAZEO / BPIFRANCE / BNP PARIBAS DEVELOPPEMENTPROTEORFRANCEImplants & Prosthetics
09/202521 INVEST / BNP PARIBAS BNL EQUITY / FONDO ITALIANO DI INVESTIMENTOELSE SOLUTIONSITALYDiagnostic Equipment
09/2025INVESTCORPORATEDCC HEALTHCAREUNITED KINGDOMCDMO
09/2025HEARTLAND FOOD PRODUCTSSLIMFASTUNITED STATESNutrition & Dietary Supplements
09/2025CAPVEST PARTNERSSTADAGERMANYGenerics / Labs
08/2025TERUMOORGANOXUNITED KINGDOMMedical Devices
08/2025PAI PARTNERSINNOVAD GROUPBELGIUMAnimal Health
08/2025WARBURG PINCUSSEBIAFRANCEDiagnostic Equipment

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €1–10bn

EBITDA range: €250–500M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Ottobock by Public Markets (IPO) are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: ottobock

FAQ

What transaction does this page cover?

This page covers the initial public offering (IPO) of Ottobock, a German company specialised in Medical Devices, in 2025. This followed an earlier holding cycle initiated in June 2017, when the company was acquired by EQT Partners.

How was the acquisition of Ottobock by Public Markets valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Ottobock’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Ottobock generated annual revenue estimated in the €1–10bn range and EBITDA in the €250–500M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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