Mobilising ECM to support Covid-19 healthcare equipment production

German medical technology manufacturer Drägerwerk turns to the equity capital markets to finance increase in Covid-19 ventilator production.

cib_ECM supporting

Drägerwerk AG & Co KGaA, a German manufacturer of medical technology (e.g. ventilators, anaesthesia devices, patient monitors, etc.) as well as safety technology products (e.g. face masks), has issued one million new preference shares in the equity capital markets to raise €76.5 million. Proceeds from the capital increase will be used to support the scaling up of production during the Covid-19 pandemic and to strengthen the equity base and liquidity.

The shares were offered in a private placement to institutional investors and the transaction was multiple times oversubscribed, highlighting the role investors are playing in supporting corporates during the coronavirus crisis. BNP Paribas Global Banking teams supported Drägerwerk throughout the book-building process, acting as joint global coordinator. 

The capital increase will be used to support the scaling up of production during the Covid-19 pandemic and to strengthen the equity base and liquidity.


Given the company’s vital role in producing and maintaining critical healthcare infrastructure, Drägerwerk has seen a 177% increase of orders (net of currency effects) in its medical division in Q1 2020 vs Q1 2019. In light of the high order intake resulting from the Covid-19 pandemic, accessing the equity markets for fresh capital has been an important financial lever to address the current situation.

Drägerwerk’s state-of-the-art factory in Lübeck, combined with flexible working hours and innovative labour organisation models, have allowed the firm to significantly increase output of ventilators.

According to the World Health Organisation, there are over 3.5 million confirmed coronavirus cases globally, as of 5 May 2020.









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