Triton’s Stabilus to raise up to €226m in IPO

The net proceeds from the offering have been allocated to pay down parts of the bonds issued by a Stabilus subsidiary in June last year.

The price range for the IPO has been set at €19-25 per share, with up to 3.42 million new shares being issued, reaping gross proceeds of €65m.

The total IPO size will be between €230-292m, including a greenshoe option.

Stabilus's offering period runs from today until 22 May, with a listing on the prime standard market of the Frankfurt Stock Exchange planned for 23 May 2014. Private share placements will also be offered in certain countries outside of Germany and in the US to institutional investors under Rule 144A.

Triton plans to retain 50% of its stake in the company, releasing up to 7.55 million shares for placement. Additionally, up to 1.58 million shares will be made available for overallotments; if the greenshoe option is exercised, Triton will only retain a 42.5% stake in Stabilus.

Triton hopes to secure gross proceeds of between €135-189m, or between €165-227m in an overallotment situation.

Commerzbank and JP Morgan have been appointed as joint global coordinators and joint bookrunners for the float.

Headquartered in Koblenz, Stabilus develops and produces electromechanical drives, gas springs and dampers, and employs approximately 4,000 people worldwide. Stabilus generated revenues of €460m in the 2012-13 financial year and EBIT of €59m after adjustments. The 2013-14 year has seen a 12% increase in turnover with Stabilus generating €246m in the first half of the year, and a 16% increase on adjusted EBIT at approximately €30m.

Triton acquired Stabilus in April 2010 in a debt-for-equity swap from Paine & Partners, which itself acquired the company in a tertiary buyout from Montagu Private Equity in early 2008.

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• Topics
• DACH
• Industrials
• Partial sale
• IPO
• Triton Partners