2023-09-28 09:34:36
The largest IPO in Frankfurt since Porsche a year ago has been successful. The Mainz-based manufacturer of special packaging for the pharmaceutical industry, Schott Pharma, was able to place its 34.6 million shares on the market at 27 euros per share. The entire proceeds of 935 million euros will go to the parent company Schott. In a recently weaker market environment, Schott was not only able to place the shares as planned, the first price of 30 euros that Baader Bank announced shortly after trading opened immediately meant a price increase of more than 10 percent.
23 percent of the shares are now freely tradable, the rest remains with Schott AG for the time being. The market value at the first price is around 4.5 billion euros. The price range was from 24.50 to 28.50 euros.
The next IPO could take place in Frankfurt as early as next week: the tank gear manufacturer Renk is also apparently well received by investors; The issue – about half the size of Schott Pharma – was oversubscribed on the first day of the subscription period. This encourages the fuel card provider DKV Mobility, which, according to insiders, wants to make its stock market plans public next week.
“The planned allocation in the middle of the price range makes Schott Pharma an interesting investment object,” explained market analyst Konstantin Oldenburger from CMC Markets. What is crucial, however, is whether the manufacturer of ampoules, injections and bottles will achieve the expected growth rates after the end of the Corona boom in the next few years. Schott Pharma is hoping, among other things, for a boom in the Wegovy weight loss injection from Novo Nordisk. Schott Pharma has won Qatar’s sovereign wealth fund as an anchor investor, taking a 4.9 percent stake for 200 million euros.
Only the third IPO this year in Frankfurt
It is encouraging for other IPOs that Schott Pharma managed to go public so smoothly – even though the stock markets are shaky due to interest rate fears. At Augsburger Renk AG, demand also exceeded supply on the first day – a signal to numerous investors that they too can subscribe without hesitation. The financial investor Triton wants to sell 27 percent of Renk and thereby raise up to 486 million euros. The investor is cautious about the valuation: at 1.5 to 1.8 billion euros, it is lower than expected.
With the Thyssenkrupp hydrogen subsidiary Nucera (issue proceeds 605 million euros) and the cloud and web hosting provider Ionos (447 million), only two candidates have made it onto the stock exchange in Germany this year. Immediately after Schott Pharma and Renk, the fifth company is apparently following closely behind: the fleet service provider DKV Mobility.
The starting shot at DKV should be given in the first week of October if the markets do not become more cloudy, as three insiders said. The company could be valued at more than four billion euros, and the IPO should bring in between half a billion and one billion euros. DKV had already hired banks for the IPO last year, but postponed the project several times. The financial investor CVC bought 20 percent of the company from Ratingen near Düsseldorf in 2019 for 400 million euros. The majority owner is the Fischer family, who took over a 45 percent share from Gothaer Versicherung in 2017.
Birkenstock moves to New York
However, the most valuable stock exchange candidate from Germany has chosen the New York Stock Exchange. Birkenstock, manufacturer of the well-known health shoes from Linz am Rhein, could be valued at around ten billion dollars when it is issued, according to a report by Bloomberg. The subscription period and the advertising tour with investors should begin on Monday (October 2nd), and the initial listing is tentatively planned for October 11th, the report said. Birkenstock has been owned by the investment company L Catterton for two years, which is backed by the French billionaire and major LVMH shareholder Bernard Arnault.
Daniel Mohr Published/Updated: , Recommendations: 8 Daniel Mohr and Henning Peitsmeier Published/Updated: , Recommendations: 14 Klaus Max Smolka and Martin Hock Published/Updated: , Recommendations: 6
Birkenstock made its stock market plans public two weeks ago. The company is trying to capitalize on a wave of popularity triggered, among other things, by the movie “Barbie.” The leading actress in the blockbuster, Margot Robbie, sometimes wears Birkenstock sandals.
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