Sixt Leasing to debut on stock exchange on May 7 (updated)
24/04/2015 16:07
* Sixt plans flotation of leasing unit
* Up to 12.4 mln shares in Sixt Leasing to be sold
* Price range set at 17.90-21.30 euros/share
* Proceeds to total up to 263 mln euros
(Adds planned date of listing, offer period, details)
FRANKFURT, April 24 (Reuters) - The leasing unit of German
car rental firm Sixt SIXG.DE is to float on the Frankfurt
stock exchange on May 7 in an initial public offering (IPO) that
could raise as much as 263 million euros ($285 million).
Sixt is hiving off and listing Sixt Leasing IPO-SLE.F to
focus more on its core business of renting out cars, but it
plans to keep between 40 and 50 percent of the leasing business.
ID:nL5N0XB0XS
Sixt said on Friday investors would be offered up to 12.4
million shares in Sixt Leasing for between 17.90 euros and 21.30
euros apiece.
Of that, up to 5.6 million will be new shares, which means
up to 119 million euros of the proceeds from the flotation will
go to Sixt Leasing to fund fleet expansion and future growth.
In addition, it is due to receive a 30 million euro capital
injection from its parent ahead of the flotation.
The offer period will likely run from April 27 to May 6,
Sixt said. Berenberg and Commerzbank are acting as joint global
coordinators and together with Baader Bank as joint bookrunners.
Sixt Leasing had about 97,400 leasing, service and fleet
management contracts at the end of last year. It posted 2014
revenues of 575 million euros and pretax profit of 25.6 million.
($1 = 0.9238 euros)
(Reporting by Maria Sheahan; editing by Kirsti Knolle and David
Clarke)
((maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters
Messaging: maria.sheahan.thomsonreuters.com@reuters.net))
Keywords: SIXT LEASING IPO/