OTTOBOCK acquired by PUBLIC MARKETS (IPO)
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.
In the past, the company underwent an LBO led by Eqt Partners in 2017, and continued an active consolidation strategy by notably acquiring Matton Orthomedi (2025).
OTTOBOCK, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Healthcare & Pharma sector (15.3x).
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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
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with OTTOBOCK
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 05/2025 | OTTOBOCK | MATTON ORTHOMEDI | BELGIUM | Implants & Prosthetics |
| 06/2017 | EQT PARTNERS | OTTOBOCK | GERMANY | Implants & Prosthetics |
REFERENCES
Valuation range: EV 3b - 100b EUR
Revenue range: 1b - 3b EUR
EBITDA range: 250M - 500M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: ottobock