Company corrects net debt to 4.1 times adjusted EBITDA, not 3.8 times, in paragraph 7

By Andrey Sychev and Ludwig Burger

BERLIN, May 28 (Reuters) - German wheelchair maker Sunrise Medical plans to list its shares on the Frankfurt Stock Exchange in a private placement in the next few months with private equity owner Nordic Capital offering some of its shares.

The move would help the maker of custom-fit mobility devices to slash debt as it seeks to tap into growth trends such as ageing populations and more inclusion for people with disabilities.

A string of listings this year, including skin care company Galderma GALD.S and fashion group Puig PUIGb.MC, has infused new life into Europe's anaemic market for stock offerings.

In a statement on Tuesday, Sunrise said newly issued shares worth 240 million euros ($261 million) plus an undisclosed stake from Nordic would be sold in private placements.

While the company declined to say what percentage of the total share capital the two planned placements would account for, finance chief Adrian Platt said in a media call that the free float would be 30% to 40% after the listing.

Nordic was not immediately available for comment.

Sunrise's net debt, which was 4.1 times adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) at the end of March, would drop to 2.5 times after the listing and go below 2 times over the medium term thanks to strong cash flows, CFO Platt added.

"The company operates in the large, growing and resilient rehabilitation market supported by strong underlying trends and sees continued attractive growth potential," said Sunrise, which employs over 2,800 people across 23 countries.

In the fiscal year ending June 2023, it reported sales of 636 million euros and adjusted EBITDA of 118 million euros.

Nordic Capital acquired Sunrise from fellow private group Equistone in 2015 for an undisclosed amount.

($1 = 0.9195 euros)

(Reporting by Andrey Sychev and Ludwig Burger; Editing by Rachel More, Christopher Cushing and Susan Fenton)

((andrey.sychev@thomsonreuters.com;))