Mainstay Medical raises €18m as it floats on ISE

Irish medical device company Mainstay Medical has floated on the Irish Stock Exchange (ISE) today.

The company, which has operations in Australia and the US, raised €18m on its admission to the Enterprise Securities Market (ESM) and began trading with a market capitalisation of €90m.

It’s the first company on the Irish market to have a dual quotation with Euronext Paris. The ISE now has active dual listings with the UK, US, Canada, France and Switzerland.

“Our listing on the ESM raises our profile in Ireland and internationally and enables us to focus on the next stage in our development as we execute our plans to obtain regulatory approval for ReActiv8 and subsequent commercialisation,” said Mainstay Medical CEO Peter Crosby.  “We are also pleased to utilise the flexibility of the ISE’s listing regime to be the first Irish company to have a dual quotation on the ISE and Euronext Paris.”

“Ireland is a world player in the pharmaceuticals and medtech industries so we are delighted to see a company like Mainstay Medical using the Irish Stock Exchange to source international investors,” said ISE chief executive Deirdre Somers. “This is the third IPO on the Irish market this year and provides further evidence that public markets are a viable alternative for Irish companies across all sectors looking to raise funds to scale their business.”