Venture-backed NoemaLife IPOs in Milan

German venture capital firm Wellington Partners and German/US VC Earlybird portfolio company NoemaLife has seen a 37% increase in share price since floating on the Milan Stock Exchange at the end of last week.

NoemaLife, a venture capital-backed Italian provider of healthcare sector software, has carried out an initial public offering on the Milan Stock Exchange.

Bologna-based NoemaLife placed one million shares with institutional and private investors at an issue price of €9 per share at the end of last week. By the end of yesterday, shares had advanced by 37 percent to close at €12.30, representing a market capitalisation of just over €52 million ($67 million).

According to German venture capital firm Wellington Partners, one of NoemaLife’s investors, the flotation was oversubscribed by a factor of six.

Munich and Zurich, Switzerland-based Wellington Partners and German and US VC Earlybird provided first round financing to Gesellschaft für Medizinische Datenbearbeitung (GMD), which was subsequently merged with NoemaLife, known at the time as Dianoema.

Matthias Guth, a principal at Wellington Partners, told PEO that the flotation was purely for the purposes of a capital increase to increase opportunities for expansion into other European markets.

NoemaLife intends to use the proceeds from the IPO to strengthen its position in the field of laboratory information systems and electronic patient files as well as broaden its presence in the Italian home market, as well as in Germany, Austria, Latin America and other markets.

Guth said that Wellington Partners had not exited any of its stake in the flotation and maintains its holding of around 5 percent in the business. Earlybird was not immediately available for comment.

Established in 1991, Wellington Partners has €400 million of assets under management and has invested in over 85 companies. The firm has successfully completed seven IPOs to date, including biotech business Actelion and software vendor SAF.