VC-backed Windeln accelerates listing schedule

The offer period, which started on 23 April, will now end on 5 May. Shares are expected to start trading on the Frankfurt Stock Exchange as early as 6-7 May, with settlement planned for 8 May.

Original story (23/04/15):

Venture capital-backed Windeln has set a share price range of €16.50-20.50 for its forthcoming IPO, aiming to reap €211m at the mid-point.

The mid-point would give the company a market cap of €470m, increasing to €497m if the greenshoe option is exercised. At €18.50 per share and excluding the greenshoe, Windeln would raise €183.5m.

Windeln previously announced it will use the fresh capital to target acquisitions of complementary businesses as part of its European expansion strategy. The business will launch its Italian language website in the second quarter of 2015, followed by a Polish version.

The offer period began on 23 April and will continue until 6 May. The IPO itself will take place on 8 May.

Up to 11,404,899 shares will be listed, comprising 5,400,000 newly issued ordinary shares from a capital increase and 4,517,304 shares from existing shareholders. The outstanding 1,487,595 shares will be included in the event of the over-allotment option being implemented. This will result in 42% of the shares in Windeln being involved in the IPO.

DN Capital is the largest shareholder in the company, with a stake of almost 25%. The GP first invested in the company in September 2010 alongside High-Tech Gründerfonds, which exited its investment in February 2013 as part of a €15m series-C funding round.

Acton Capital Partners holds a stake of almost 20%, having joined the list of investors in May 2011 as part of a series-B round. Goldman Sachs acquired around 13% of the company in January this year, with its Merchant Banking Division participating in a €45m round alongside Deutsche Bank, which took an 11% stake.

MCI Private Ventures and 360 Capital also hold 8.8% and 4.3% stakes, respectively. All existing shareholders are subject to a lock-up period of 180 days on the sale of further shares.

Similar amounts are held by the two managing directors and founders of Windeln via their holding companies Gut Vermögensverwaltung and ABrand Management. Their lock-up period following the flotation is 360 days.

Yesterday, Windeln announced its acquisition of Prague-based Feedo, which also operates in Slovakia and Poland.

Founded by Konstantin Urban and Alexander Brand in 2010, windeln.de is a Munich-based online retailer selling baby and children's products in Germany, Austria and Switzerland. The business also exports baby and toddler products to customers in China.

The company has 300 employees and saw revenues of €101m in 2014, with €44m coming from the DACH market and €55.5m from China. It posted an EBITDA of €7.3m for the year.

Bank of America Merrill Lynch, Deutsche Bank and Goldman Sachs International are acting as joint global coordinators and joint bookrunners for the planned IPO. Berenberg and Commerzbank will act as additional joint bookrunners.

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• Topics
• DACH
• Exits
• Consumer
• Germany
• DN Capital
• IPO
• Deutsche Bank
• Goldman Sachs