Bioretec is planning rights issue worth 5-15 MEUR
Summary
- Bioretec plans a rights issue of 5–15 MEUR, with a potential issuance of up to 1.5 billion new shares, indicating a possible low subscription price and significant dilution for non-participating shareholders.
- The principal owner, Stephen Industries, has committed to a 5 MEUR subscription and guarantee, ensuring the minimum target is met, contingent on regulatory approval for exceeding ownership thresholds.
- The funds are intended to strengthen Bioretec's balance sheet and support strategic growth, particularly in expanding the RemeOs product line and sales in the U.S., with 15 MEUR providing financial stability until late 2028.
- The Extraordinary General Meeting on March 27, 2026, will decide on the authorization for the share issue, with current estimates assuming a 15 MEUR issue at a subscription price of EUR 0.2.
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Translation: Original published in Finnish on 3/11/2026 at 6:48 am EET.
Bioretec announced on Tuesday evening that it is planning a rights offering of 5–15 MEUR. The funding round is expected based on the company's previous communications. The large maximum number of shares to be issued (1.5 billion) came as a surprise to us. This may indicate a very low subscription price and thus a significant dilutive effect for shareholders who do not wish to participate in the offering. The principal owner, Stephen Industries, has provided a subscription and guarantee commitment of 5 MEUR, which secures the realization of the minimum target for the offering. We will update our estimates once more detailed information on the terms of the offering becomes available. Our current estimates include an assumption of a 15 MEUR share issue at a subscription price of EUR 0.2.
Strategy execution requires additional funding
The funds raised in the issue are intended to be used to strengthen the balance sheet and finance growth in line with the strategy published in December 2025. Bioretec has stated that it needs to invest particularly in expanding the commercial offering of RemeOs products and strengthening its sales organization in the United States. We estimate that the full realization of 15 MEUR would provide the company with financial breathing room until late 2028. We estimate that the minimum funding of 5 MEUR would be sufficient until Q4'26. The Extraordinary General Meeting on March 27, 2026, will decide on the authorization for the share issue.
Main owner has guaranteed the offering for 5 MEUR
Stephen Industries Inc Oy (a company controlled by Kustaa Poutiainen, Chairman of the Board of Directors) has undertaken to vote in favor of the authorization and to subscribe for shares at least in proportion to its pro rata share. In addition, it provides a subscription guarantee such that its total contribution is a maximum of 5 MEUR. The guarantee commitment is conditional on the Financial Supervisory Authority granting an exemption from the mandatory bid requirement, should the main owner's holding exceed the 30% or 50% threshold.
Bioretec operates in the medical technology sector. The company specializes in the development of medical technology products. The product portfolio includes, for example, implants for pediatric and adult orthopedics and other materials for bone and soft tissue injuries. In addition to the main business, service and related ancillary services are also offered. The business is operated globally with the largest presence in the Nordic region.
Read more on company pageKey Estimate Figures15/02
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 3.5 | 4.6 | 7.9 |
| growth-% | -22.5 % | 29.4 % | 73.4 % |
| EBIT (adj.) | -8.7 | -8.5 | -6.3 |
| EBIT-% (adj.) | -246.6 % | -185.5 % | -80.3 % |
| EPS (adj.) | -0.31 | -0.09 | -0.06 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | neg. |
| EV/EBITDA | neg. | 0.3 | neg. |
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