Vegan foods should actually be trendy with consumers.
At least the stock market debut of the manufacturer of plant-based foods, Veganz, on the Frankfurt Stock Exchange was unsuccessful.
The shares started trading on Wednesday just below the issue price of EUR 87.
The first price was 86.90 euros, after which the shares fell last to 83 euros.
Compared to the issue price, this means a discount of more than four percent.
Stefanie Diemand
Editor in business.
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The company had placed the issue price at the lower end of the price range: the targeted price range was 85 to 110 euros per share. According to earlier information from the company, this results in a total volume of the IPO of around 47.6 million euros. The company is valued at more than 106 million euros. Veganz is the first vegan company in Germany to be listed on the stock exchange.
Founder Jan Bredack came to Frankfurt to go public.
For the company, this is an important step in the company's history.
When asked about the weak start to the stock market, the Berlin entrepreneur continued to be confident: “Our journey is only just beginning.” Bredack founded Veganz in 2011, initially as a vegan supermarket.
Today the company mainly sells its own products in supermarkets and discounters.
The proceeds from the IPO are to flow into a new production plant for plant-based cheese and fish alternatives near Berlin, and investments in research, marketing and further expansion are also to be made.