Heinz Hermann Thiele and his family want to market up to 30 percent of Knorr-Bremse's securities. First trading day should be this Friday
It could become the largest IPO of the year – and apparently the interest of investors is huge. So great in any case that the Knorr-Bremse Group ends the subscription period for its IPO one day earlier than planned.
The brake manufacturer Knorr-Bremse pushes its pace on its IPO. Due to a high demand for the shares, the offer period will end on 10 October, one day ahead of schedule, the company announced on Monday in Munich. However, the first trading day in the regulated market of the Frankfurt Stock Exchange will continue to be this Friday (12 October).
According to previous information, the IPO of the owner family Thiele could bring in up to 4.2 billion euros. The traditional Munich-based company could thus become the largest IPO of this year in Germany, just ahead of the Siemens medical technology subsidiary Healthineers.
The majority shareholder – Heinz Hermann Thiele and his family – want to place up to 30 percent of the paper at a price of 72 to 87 euros with investors. This corresponds to a market value of 11.6 to 14 billion euros.
Thiele wants to regulate his legacy with the issue. His son Henrik quit last year in the dispute from the family holding. Heinz Hermann Thiele, originally only managing director at Knorr-Bremse, had taken over the majority of the ailing company in 1986 and made it the world market leader in train and truck brakes with a turnover of 6.2 billion euros and 30,000 employees.
What Heinz Hermann Thiele he wants to do with the proceeds, he leaves open so far. Thiele is one of the richest Germans according to an exclusive study by manager magazin.
If the hopes of Knorr-Bremse are met, Germany is heading for the best year for newcomers to the stock market since the so-called Neuer Markt boom in 2000. In the first half of the year, eleven companies with emissions in the tightly regulated Prime Standard had collected 7.2 billion euros according to Reuters calculations. In addition to Knorr-Bremse, four more are in the starting blocks: the chip plant builder Exyte, which wants to collect up to one billion euros, the online furniture retailer Westwing (147 million), the investment company Primepulse (at least 250 million) and the electric scooter manufacturer Govecs (90 million).
Reiss with Reuters