Bionic limb manufacturer Steplife plans IPO
Russian manufacturer of bionic prosthetics Steplife is planning to hold an IPO within four years and raise 200 million rubles in a pre-IPO round by the end of 2025. The funds are needed to expand production. Analysts value the company at around 2 billion rubles and believe it can successfully raise the targeted amount. However, going public and withstanding competition from larger players within this timeframe may prove challenging.
Photo: Alexander Kazakov, Kommersant
Steplife intends to raise 200 million rubles by the end of 2025 through a pre-IPO round and bond placement, the company told Kommersant. The funds will be directed toward the development of next-generation bionic prosthetics (powered by external energy sources), including forearm- and shoulder-level prosthetic arms, the company said. Potential investors include “retail investors and a number of institutional investors.” The company is aiming for an IPO within four years.
LLC Steplife was registered in Moscow in September 2019. It is 100% owned by JSC Steplife, which in turn is fully controlled by CEO Ivan Khudyakov. In 2024, the company’s revenue grew by 112% to 240 million rubles, while net profit rose by 311% to 96 million rubles.
Earlier, Kommersant reported that Russia’s medtech market growth slowed from 34.9% in the first half of 2024 to 13.5% this year, according to Smart Ranking. The agency named Steplife the fastest-growing medtech company in Russia in 2024 and in the first half of 2025 (Kommersant, August 15). Another bionic prosthetics maker, Motorica, had previously announced plans to go public in 2026, raising 100 million rubles to prepare for its IPO.
Steplife estimates the Russian prosthetics market will grow 23% annually, from 70.1 billion rubles in 2025 to 157.2 billion rubles in 2029. However, between 2022 and 2024, the growth rate averaged 49% annually. According to the company, mechanical prosthetics now account for 65% of the market, but by 2028, 60% of the market (in unit terms) will be bionic devices. The shift will be driven by growing awareness of bionic technology and expanded production capacity.
“Steplife can count on a valuation in the range of 1.5–2 billion rubles,” says Kirill Tishin, partner at investment company Kama Flow.
“In pre-IPO medtech, companies are usually valued at an EV/S multiple of 2–4x, given the high technology intensity, which gives an estimate of around 1.3–2.5 billion rubles. In an especially optimistic scenario, considering its ‘fastest-growing company’ status, the valuation could reach 3 billion rubles,” adds Sergey Nunuparov, managing director of investment and consulting group PSK-Solutions. According to him, the plan to raise 200 million rubles is “realistic, given the company’s consistently high revenue growth rates.”
Nunuparov considers the company’s chances for a successful IPO “fairly high,” citing its performance dynamics, socially significant mission, and potential for international expansion. Tishin agrees: “The Russian prosthetics market remains large, partly due to the special military operation (SMO). In the segment of bionic prosthetics—particularly lower-limb prosthetics—global leaders Ottobock and Ossur face virtually no strong Russian competitors.”
However, in Russian market conditions, going public is feasible at EBITDA of around 2 billion rubles, Tishin believes. “Achieving such metrics in three to four years will be difficult, given the projected slowdown in market growth through 2029. On the way to IPO, Steplife may therefore need one or more intermediate financing rounds to accelerate scaling—including via M&A,” he concludes.
Alexey Zhabin
Kommersant, September 8, 2025
This article has been translated to English by PSK‑Solutions LLC. The original version in Russian is available here.
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