GERMANY – Steady debut for EQT's Tognum AG

Following the cold reception on its first day of listing on the Frankfurt Prime Standard on Monday 2 July, Tognum shares have now risen to almost EUR 25. Joint global coordinators and joint bookrunners, Deutsche Bank and Goldman Sachs were mandated to place 75 million shares (excluding 11.25 million additional shares for over-allotments) with investors at an initial public offering of EUR 24 per share. Assuming full exercise of the greenshoe, the IPO is valued at EUR 2.07bn, making Tognum the biggest flotation in Germany since 2000. The offering comprised 11.35 million shares from a capital increase by Tognum AG and a further 63.65 million shares owned indirectly by private equity house EQT. The gross proceeds for Tognum AG following the flotation are approximately EUR 268m.