Corin IPO gives Bridgepoint exit

Listing the medical devices manufacturer in a rare TechMark listing sends a message to the mid-market that small-caps can be floated.

Corin, the UK orthopaedic devices manufacturer, will next week complete a £38m listing on the London Stock Exchange’s TechMark index in a listing that will see Bridgepoint Capital, which backed a £21m MBO at the firm in 1993, double its original investment.

Alan Lewis, managing director of Bridgepoint Capital, said the flotation will represent a complete exit for Bridgepoint. “It is pleasing to see that a mid-market company like Corin can come successfully to the market.” The firm, which last year generated pre-tax profits of £1.7m on a turnover of £14.1m, is looking to raise an additional £3m in working capital from the listing.

On the subject of whether the listing would be a catalyst for subsequent companies in the sector, a spokesperson for Corin was quick to point out that comparisons with biotech firms were unfair. “This is an established medical devices firm which has been achieved profits steadily for the past 17 years. Comparisons with biotech venture firms don’t really come into the equation.”

Stockbrokers Beeson Gregory are sponsoring Corin’s listing. Bridgepoint was advised by Pinsent Curtis Biddle.