CVC-backed Evonik announces IPO

The move, which followed a period of hesitation sparked by difficult market conditions, is now scheduled to take place before the summer-break and could see one of the biggest IPOs in Germany in the last decade, valuating the business at up to €10bn.

Klaus Engel, executive board chairman of Evonik said in a statement today: "Despite the challenging conditions on the financial markets, we are entering the intensive phase of preparations for the planned stock exchange listing with great confidence."

CVC owns a 25% stake in the business, which it acquired for €2.4bn in 2008. The majority is owned by the RAG Foundation, which was set up by the government in 2007 to ease the social costs and liabilities associated with the ending of subsidised coal mining in 2018.

Deutsche Bank and Goldman Sachs Group will be global coordinators and together with Bank of America Merrill Lynch, Credit Suisse and JPMorgan will act as book runners for the planned IPO.

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• Topics
• DACH
• Industrials
• CVC Capital Partners
• Germany
• IPO