Corporate | 20 September 2016 16:49
va-Q-tec AG sets IPO price range at EUR 11.20 to EUR 13.40 per share
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DGAP-News: va-Q-tec AG / Key word(s): IPO
Not for release, publication or distribution in the United States, Canada, Australia or Japan.
va-Q-tec AG sets IPO price range at EUR 11.20 to EUR 13.40 per share
Würzburg, 20 September 2016. va-Q-tec AG (or the “Company”, and together with its subsidiaries “va-Q-tec” or the “Group”), in cooperation with Berenberg as Sole Global Coordinator, has determined the terms for its Initial Public Offering (“IPO” or “Offering”). Accordingly, the price range has been set at EUR 11.20 to EUR 13.40 per share. The offer period will commence on 21 September 2016 and is scheduled to end on 29 September 2016 at noon for retail investors and at 14:00 CET for institutional investors. The timetable of the Offering may be shortened or extended. The final offer price will be determined based on a bookbuilding process at the end of the offer period. Trading of the va-Q-tec shares on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange is expected to begin on 30 September 2016. The respective prospectus for the IPO and the admission to trading of the shares of va-Q-tec AG was approved today by the German Federal Financial Supervisory Authority. The Offering consists of initial public offerings in Germany and Luxembourg as well as private placements in certain other jurisdictions outside these countries and outside the United States of America in compliance with Regulation S under the Securities Act, as amended. It includes a primary component of newly issued registered shares with no-par value from a capital increase against contributions in cash (“New Shares”) and a secondary component relating to existing registered shares from several current shareholders (“Sale Shares”).
va-Q-tec aims to achieve gross primary proceeds of around EUR 45 million through the issuance of up to 4,017,857 New Shares.
The secondary offering relates to up to 2,109,702 Sale Shares. The Offering also comprises a potential over-allotment of up to 919,133 shares from a securities loan (“Greenshoe Shares”). In total, this leads to an adequate free-float size post-IPO of around 50%. Based on the indicative price range and assuming gross primary proceeds of EUR 45 million, full placement of the Sale Shares and full exercise of the over-allotment option, the total offer volume is valued at approximately EUR 79 million to EUR 84 million. The Company will use the main portion of the net primary proceeds to grow its “Serviced Rental” business by expanding its fleet of boxes and containers, and to invest in production and fulfilment capacities and locations, both in Germany and abroad. The remaining portion is to be used for dedicated product development and general R&D purposes as well as for general business development and selective M&A activities. va-Q-tec develops, manufactures and sells highly innovative, energy efficient and space saving VIPs (vacuum insulation panels), high end PCMs (thermal energy storage components) and high performance thermal packaging systems (containers and boxes). Via its global container and box “Serviced Rental” business, va-Q-tec especially addresses the cold chain challenges of the healthcare industry. The Selling Shareholders are subject to 12 months lock-up, and the management have committed to a lock-up period of 24 months starting on the first day of trading. Furthermore, the Company will not issue or sell any further shares for a period of 12 months after the IPO. Detailed information on the IPO is contained in the va-Q-tec securities prospectus which was approved by the German Federal Financial Supervisory Authority (BaFin) today and is available on the Company’s website at https://ir.va-q-tec.com. Berenberg is acting as Sole Global Coordinator and Joint Bookrunner to the transaction, with MainFirst Bank as Joint Bookrunner and equinet Bank as Co-Lead Manager. +++ENDS+++
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Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Group’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. You should not place undue reliance on forward-looking statements and the Group does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.
2016-09-20 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
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| Language: | English | |
| Company: | va-Q-tec AG | |
| Karl-Ferdinand-Braun Str. 7 | ||
| 97080 Würzburg | ||
| Germany | ||
| Phone: | +49 (0)931 35 942 0 | |
| Fax: | +49 (0)931 35 942 10 | |
| E-mail: | info@va-Q-tec.com | |
| Internet: | www.va-Q-tec.com | |
| End of News | DGAP News Service |