Stabilus lists on Frankfurt Stock Exchange

Harriet Bailey
28 May 2014

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Shares in Triton’s Stabilus, an automotive and industrial supplier, have started trading on the prime standard segment of the Frankfurt Stock Exchange's regulated market at a price of €22.50.

This is more than the issue price of €21.50 and comfortably in the middle of the €19-25 price range initially set out by the company. Its market cap reached €490m after three days of trading as the share price rose by more than 100 cents to €23.55.

The €65m 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 IPO marks Triton's first foray into an exit by flotation. It is understood that it plans to retain 41% of its stake in the company after the greenshoe option was exercised and will sell no further shares for six months.

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.

Previous funding
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.

Company
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 H1, and a 16% increase on adjusted EBIT at approximately €30m.