Centerbridge’s Senvion sets IPO price range

The company expects to list on 18 March on the Frankfurt Stock Exchange. The price range equates to a market capitalisation of €1.3-1.5bn. Senvion plans to place 29.9 million shares, with an overallotment option of 3.9 million shares (15% of the base offer).

Senvion will float approximately 46% of the total number of shares in the company, if the overallotment option is exercised. The private placement will only target institutional investors.

Besides Centerbridge, Senvion is also owned by Mumbai-based Arpwood Capital, which bought a 21% stake for $112m in June 2015.

Deutschen Bank, JP Morgan and Citigroup are acting as joint global coordinators and joint bookrunners. Bank of America Merrill Lynch, Barclays, Berenberg and Morgan Stanley are joint bookrunners. Raiffeisen Bank International and Banco Santander are co-managers. Rothschild was mandated as financial adviser.

Proceeds from the flotation will be used to invest in product development, improve customer relations and expand into new markets.

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