Prosthesis manufacturer Ottobock makes a successful start on the stock market

Duder­stadt — The prosthe­sis manu­fac­tu­rer Otto­bock has successfully gone public for the third time! — The share price is successfully above the issue price (up to 66 euros). This makes the IPO the largest in Germany so far in 2025 in a diffi­cult environment. 

At 72 euros, the first price was still around 9% above the issue price. At the offer price, Otto­bock expec­ted a market capi­ta­liza­tion of around 4.2 billion euros; based on the first price, this was around 4.6 billion euros. The company is wholly owned by the Näder family. 

With 9,300 employees world­wide, Otto­bock gene­ra­ted sales of around 1.4 billion euros and an adjus­ted opera­ting result (EBITDA) of 321 million euros in 2024. In the first half of 2025, sales rose by 14% to EUR 760 million, while adjus­ted EBITDA impro­ved by around a third to EUR 175 million. 

Kühne Holding AG, owned by Hamburg billionaire and logi­stics entre­pre­neur Klaus-Michael Kühne, and the Small­cap World Fund of asset mana­ger Capi­tal Group subscri­bed shares worth 125 million euros and 115 million euros respec­tively as corner­stone inves­tors. Kühne Holding Ag thus holds approx. 3% of Ottobock. 

Otto­bock wants to pay off debt and invest in new technologies

The company plans to use the gross proceeds from the IPO to invest more heavily in future tech­no­lo­gies in parti­cu­lar, as well as to pay off debt and pursue oppor­tu­ni­ties in the areas of products & compon­ents and pati­ent care through targe­ted acqui­si­ti­ons. Prior to the IPO, Otto­bock had alre­ady secu­red purchase commit­ments from billionaire Klaus-Michael Kühne and from a fund of the US invest­ment company Capi­tal Group. They wanted to secure shares worth 125 and 115 million euros respectively. 

Advi­sors Otto­bock: Fresh­field and Milbank