Renk makes trading debut on Frankfurt Stock Exchange (updated)
07/02/2024 08:25
(Adds background)
By Emma-Victoria Farr
BERLIN, Feb 7 (Reuters) - German tank gearbox
manufacturer Renk started its Frankfurt trading debut on
Wednesday, with an opening price of 17.50 euros ($18.83) per
share, four months after poor market conditions forced it to
postpone its plans to go public.
Renk on Tuesday
increased its
IPO by 50 million euros to sell around 500 million euros
shares in its private placement.
Shares worth 100 million euros went to the German-French
tank manufacturer KNDS (KMW+Nexter Defense Systems), one of
Renk's largest customers. KNDS now holds 6.7% and has the right
to later increase it to a blocking minority of 25%.
Last October, Renk and its owner, private equity group
Triton Partners,
pulled a planned
initial public offering (IPO) at the eleventh hour, citing
a "clouded" market environment.
They resumed the issue on Monday but limited it to
professional investors to shorten the process.
Advisers on the IPO include investment banks Citigroup
C.N , Deutsche Bank DBKGn.DE , Goldman Sachs GS.N and
JPMorgan JPM.N .
($1 = 0.9292 euros)
(Reporting by Emma-Victoria Farr, Editing by Rachel More and
Miranda Murray)
((rachel.more@thomsonreuters.com;))