IPO round-up: Lombard shelves US plans; Mainstay hopes for €23m
This article was originally published in Clinica
Executive Summary
Lombard Medical Technologies has postponed its plans for an initial public offering in the US, citing poor market conditions. The UK firm, which specialises in endovascular aneurysm repair (EVAR), had previously said it hoped to raise up to $80m, by filing on the Nasdaq market and delisting from London’s AIM stock exchange, on which it currently trades. It reduced this target slightly, saying in a filing with the US Securities and Exchange Commission (SEC) on 8 April that it anticipated selling just over 3.6 million shares at $15-18 each – giving it a maximum total of around $65m.