Germany's Douglas shares trading below price guidance at IPO (updated)
21/03/2024 08:36
(Adds share move in headline and lede, background in pars 3-4)
FRANKFURT, March 21 (Reuters) - German perfume and
cosmetics retailer Douglas DOU1.DE shares fell 4.7% at its IPO
debut on Thursday at the Frankfurt stock exchange, with an
opening price of 25.50 euros per share, in Germany's largest
listing since Schott Pharma 1SXP.DE in September.
Its final price guidance was 26.00 euros per share on
Tuesday.
Douglas will receive 850 million euros from the IPO, and
will have a market capitalisation of 2.8 billion euros ($3.05
billion). Including debt, the company will be valued at almost
five billion euros ($5.43 billion) after going public.
The company, which remains backed by CVC Capital
Partners and the Kreke family, will use proceeds from the sale
to pay down company debt. The owners have committed to injecting
around 300 million euros of extra capital to bolster the group's
balance sheet.
($1 = 0.9177 euros)
(Reporting by Emma-Victoria Farr, writing by Andrey Sychev,
Editing Madeline Chambers)
((andrey.sychev@thomsonreuters.com;))