Costa Rica: Local Company Raises $66 million on Nasdaq

Establishment Labs Holdings, dedicated to the manufacture of breast implants, issued $66 million in shares on its first day of trading on the Nasdaq stock exchange, in the US.

Friday, July 20, 2018

Representatives of the company reported that through the procedure called "pricing", last Wednesday the company sold 3,175,277 shares to investors at a unit price of $18 dollars. 

The investors who bought the shares began trading them on the Nasdaq electronic stock exchange yesterday, which closed at a price of $24.75 and sold 1,939,169.

Juan José Chacón, general manager and founder of Establishment Labs, explained to Nacion.com that " ... the process to get to the Nasdaq started almost three years ago, when they started working to take the company to the levels of governance and of accounting standards necessary to be in this exchange."

In relation to the valuation of the company, Douglas Montero, international analyst and director of Aldesa Fondos de Inversión, said that " ... according to Bloomberg, the total outstanding shares are 18.5 million and if that is multiplied by $24.75, which was the price at the close of the day, that gives the company a value of $457 million."

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From the press release by Establishment Labs:
Our mission is to make breast aesthetics safer and better for women worldwide by delivering a world class technology platform that promotes women's health and enables the strategic adoption of Motiva as the brand of choice in the market,” said Juan José Chacón-Quirós, CEO of Establishment Labs. “The investment and partnership from Crown Predator and JW Asset Management and the global relationships and experience they provide will enable us to accelerate investment in our technology, grow our customer base, and scale our business to meet growing demand. We are excited to officially begin the journey to bring our next generation Motiva implants to the United States, the largest market for breast aesthetics in the world."