Paul Hastings advises on IPO of Mainstay Medical International, First Irish Company to list on Euronext Paris and the Irish Stock Exchange
Paris – Paul Hastings advised the underwriters (Société Générale, Kempen & Co, and Davy) on the initial public offering of Mainstay Medical International, an Irish medical device company, and its listing on Euronext in Paris and the Enterprise Securities Market of the Irish Stock Exchange.
This transaction, which launched on 2 May 2014, was the first IPO of an Irish company on Euronext Paris and comprised a public offering in France and an international private placement to institutional investors in Ireland and the rest of the world (including in the United States). The offering consisted of a capital increase and amounted to €18 million (before exercise of the over-allotment option). On the basis of the offer price of €21.15 per share, the Company’s market capitalization amounts to approximately €90 million.
With activities in Ireland, Australia, and the United States in the area of innovative neurostimulation therapies, Mainstay Medical is developing an innovative implantable neurostimulation device, ReActiv8, for people with debilitating chronic low back pain.
The Paul Hastings team was led by Paris corporate partner
The underwriters were also assisted for Irish law matters by Matheson (Dublin).
Jones Day (Paris) and McCann FitzGerald (Dublin) acted as counsel to Mainstay Medical International.