Brainlab Ag, a medical technology software company based in Munich, is set to raise up to €400 million (US$460 million) through an initial public offering (IPO) in Frankfurt.

The IPO is scheduled to begin trading on July 3, 2025.

The offering will consist of two million new shares, priced between €80 (US$85.50) and €100 (US$115) each. Existing shareholders, including founder Stefan Vilsmeier, will also offer up to two million shares.

The IPO is being managed by Berenberg and Deutsche Bank AG.

This move reflects a trend of European companies aiming to list before the summer holiday period.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ A well-established player in medical technology going public

Brainlab’s IPO represents a significant milestone for a company with deep roots in the medical technology sector, not a typical startup going public.

Founded in 1989 by Stefan Vilsmeier (who is now selling some shares in the IPO), the company has built its reputation over 35 years as a pioneer in digital medical technology with a global footprint spanning 120 countries 1.

The company has achieved notable market penetration in neurosurgery, with eight of the top ten US hospitals for neurology and neurosurgery utilizing Brainlab’s surgical navigation technology 2.

This established position contrasts with many tech IPOs where companies are still proving their business models, suggesting Brainlab brings a mature operation with established revenue streams to public markets.

The company’s focus on software-driven solutions for surgical navigation, radiotherapy, and digital operating room integration positions it in high-growth segments of healthcare technology where precision and digital integration are increasingly valued 1.

2️⃣ Healthcare leads European IPO recovery in a cautious market

Brainlab’s timing aligns with healthcare emerging as the most active sector in European public offerings, with PwC reporting that healthcare companies raised $1.4 billion in Q1 2025, more than any other sector 3.

The broader European IPO market is showing signs of recovery with improved performance in 2024, benefiting from falling interest rates that have encouraged companies to enter public markets 4.