Core Viewpoint - Brainlab, a leading company in the German medical technology sector, has unexpectedly postponed its IPO plans due to ongoing geopolitical uncertainties affecting capital markets, despite having received oversubscription for the offering [2][4]. Company Overview - Founded in 1989 and headquartered in Munich, Germany, Brainlab specializes in developing image-guided surgery, radiation therapy, and digital operating room solutions, with a core philosophy of "software-defined medicine" [7]. - The company has installed over 5,000 systems globally, covering 85 countries, and holds a 60% market share in the neurosurgery navigation field, being recognized as the "gold standard" in surgical navigation [7]. IPO Details - Brainlab planned to issue 2 million new shares and transfer up to 3.2 million existing shares, with a pricing range of €80-100, aiming to raise approximately €416 million [2]. - The overall valuation of the company was estimated at around €1.7 billion (over 14.3 billion RMB) [2]. Financial Position - The company emphasized that its cash flow situation does not rely on IPO funding for organic growth, providing financial confidence for the postponement [5]. - Brainlab participated in a €27 million Series A funding round for neurosurgical robotic developer Robeauté, indicating its strong cash flow position [5]. Management Perspective - CEO Rainer Birkenbach stated that the current geopolitical uncertainties and market volatility led management to believe that it was not the optimal time for the IPO, despite positive business performance in the previous quarter [4]. Market Impact - Brainlab is the second German company to postpone its IPO this year, following Autodoc, which has negatively impacted the IPO market in Germany and Europe [10]. - A survey indicated that 74% of European investment bankers expect an increase in IPO activity in 2025, but uncertainties from the German elections and potential U.S. tariffs are affecting market confidence [10]. - The DAX index has risen by 15.63% this year, while the expected growth rate for the real economy is only 0.2%, highlighting a divergence between capital markets and the real economy [10]. Strategic Considerations - The case of Brainlab illustrates that even in favorable conditions such as oversubscription, strategic determination and timing are crucial considerations for capital operations in the medical technology sector [11].