CVC's Evonik begins listing process in Frankfurt and Luxembourg

Evonik placed a total of 14.5% of its share capital (67.4 million shares) in free float on Thursday 25 April, comprising the 12.2% of shares privately placed in February and March, and the 2.3% placed by its owners CVC and the Rag Foundation on Wednesday as part of an accelerated bookbuilding and over-allotment.

Wednesday's placement of 10.718 million shares at €32.2 per share amounted to a total placement value of €345.1m for CVC and the Rag Foundation.

Trading of Evonik shares began today on the regulated market segments of the Frankfurt Stock Exchange and the Bourse de Luxembourg. The shares opened in Frankfurt at €33, with a high of €33.2 and a low of €32.4 in the first two hours of trading. 

The controlled placement was being handled by Deutsche Bank and the Frankfurt investment bank Mainfirst. It followed three previous abandoned attempts at listing the business, the last of which was aborted in June 2012 apparently due to difficult market conditions.

Both CVC and the company's majority owner, the Rag Foundation, sold off a combined 12.2% of the business (split equally) to institutional investors, including Singapore's sovereign wealth fund Temasek, in two stages over the past few months.

The German chemicals company is valued at €15.4bn. Evonik had revenues of €14.5bn in 2011, generating an EBITDA of €2.8bn. The flotation of the business is intended to secure income to cover the liabilities associated with the ending of subsidised coal mining in Germany in 2018.

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