Germany: Avatera Medical plans Frankfurt IPO         

Sapinda-owned medical devices manufacturer Aventera is planning an IPO to raise less than €100m (US$112.3m) on the Frankfurt Stock exchange.

The Jena-based company was founded in 2011 to develop robot-assisted, minimally invasive surgical procedures. It currently employs more than 100 members of staff.

It is developing two main products: a surgical robot with four arms to control three Avatera instruments and the endoscope; and a control unit which provides a microscope-like view and 3D visualisation.

The group has yet to receive the regulatory nod. As a result, it remains unprofitable.

Funds raised will be used for further expansion and it is likely to look to float in Q4.