Dear community, with my first post, I would like to introduce you to a company that most people have never had any contact with.

Ottobock is often referred to as a prosthesis manufacturer (which is also correct in a roundabout way). However, Ottobock is actually a manufacturer of prosthetic fittings.

This means that orthopaedic technology workshops buy, for example, a knee joint, prosthetic foot or adapter from Ottobock.

As these parts cost a lot to develop, the prices charged are high. These have to be paid for by the health insurance companies. This means that there is and will always be a liquid market in the domestic market.

Ottobock is the main partner of the Paralympics and is also active in developing countries.

The main customers mostly come from accidents (only in Germany approx. 60,000 new amputees per year).

Ottobock regularly sets new standards in orthopaedic technology and thus remains the market leader not only in Germany.

Ottobock has been able to greatly expand its product range in recent years through regular takeovers of smaller companies.

$DE000BCK2223 (+3,83 %)

- The IPO price was set at € 66/share, based on an offer of ~12.2 million shares.

- The proceeds amount to ~€808m, of which ~€100m will flow into the company. The remainder will go to Näder Holding.

- The free float will be around 19%, while the Näder family will largely retain control.

- Ottobock intends to use the proceeds for investments, acquisitions and growth.

- Sales and adjusted EBITDA increased significantly in the first half of 2025: sales of € 666 → 760 million, EBITDA € 132 → 175 million.

- Prior to the IPO, institutional investors secured commitments to participate (e.g. Capital Group).

- Ottobock is admitted to the Prime Standard.

- The IPO is seen as a signal that the German capital market is once again becoming more attractive for medical technology.

Opportunities and risks:

Access to capital for expansion & innovation

Signal effect for further IPOs in the medical/technology segment

- Large outflows to the holding company (not to the operating business)

- Price volatility possible in early weeks

- Outlook and implementation of investment plans must be convincing