The automotive supplier Novem is starting what is expected to be the last IPO in Frankfurt before the summer break.
The manufacturer of trim parts for luxury cars from Vorbach in northern Bavaria wants to raise up to 330 million euros with the issue.
Up to 17.3 million shares in a range of 16.50 to 19.50 euros are to be sold to institutional investors, as the company announced on Thursday.
Novem would have a market value of 710 to 830 million euros.
For the stock market candidate himself, there is an issue proceeds of around 50 million euros, which is to be used primarily to refinance debts.
The company, founded in 1947, issued a high-yield bond with a volume of 400 million euros in 2019.
One tranche bears interest at 5.25 percent, the other variable, currently at 4.84 percent.
The bond is due in 2024.
Novem sees itself as the world market leader for trim parts made of wood, aluminum, carbon and plastic - from dashboards, center consoles to door panels - for the luxury class with a share of 46 percent.
The main customers are the German manufacturers Mercedes, Audi and BMW.
"The listing gives us even better access to institutional investors who believe in our innovative strength, our potential and our success story - and we gain even more flexibility in financing our growth plans," said CEO Günter Brenner. The response from potential investors was great. Novem shares can be subscribed from Thursday until July 14th, but private investors are excluded. The stock market debut is planned for July 19th.
The IPO is intended to enable the Brenninkmeijer family of entrepreneurs (“C&A”) to partially exit. The lion's share of the proceeds will go to her holding, Bregal. With the IPO, she wants to sell up to 40 percent of the shares. Bregal is initially offering ten million shares, but reserves the right to top up the issue by two million shares. There is also a placement reserve of 15 percent.