Centerbridge's Senvion lowers IPO price range

The move marks Hamburg-based Senvion's second change of mind this month: after making its flotation plans official and setting the price range at €20-23.50 at the beginning of March, the company cancelled its private placement on 16 March, claiming market volatility as the cause.

A week later the company decided to go for the flotation after all, but with a lower price range. Senvion said demand by investors made it consider the flotation for a second time. Senvion hopes to set the final issue price on 22 March and to start trading the next day on the Frankfurt Stock Exchange. While it aimed to float approximately 46% of the total number of shares in the company during the first attempt, that figure has now been reduced to 28.75%.

Deutsche 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.

US-based private equity firm Centerbridge wholly acquired the German wind turbine maker from Indian parent Suzlon Group in January 2015. Mumbai-based Arpwood Capital bought a 21% stake for $112m in June 2015.

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• Topics
• Exits
• DACH
• Germany
• Flotation