NORMA Group AG places shares at an issue price of € 21.00
NORMA Sweden AB2011-04-08 17:35
- Total issue volume upon full size of greenshoe option of € 386.4 million
- NORMA Group receives gross proceeds of € 147.0 million from newly issued shares
Maintal, April 07, 2011. NORMA Group AG (“NORMA Group”), a global market and technology leader in attractive niche markets for engineered joining technologies, has, together with the shareholders and syndicate banks, set the issue price for the shares of its initial public offering (IPO) at € 21.00 per share. A total of 18.4 million shares will be placed, consisting of 7.0 million newly issued shares from a capital increase, 9.0 million shares from the holdings of the selling shareholders and 2.4 million shares from the holdings of the existing shareholders to cover overallotments (greenshoe option). The corresponding total issue volume including full overallotments amounts to € 386.4 million. Before deduction of IPO expenses, NORMA Group will receive € 147.0 million from the capital increase. The first day of trading of NORMA Group’s shares under the stock ticker symbol NOEJ on the Prime Standard of the regulated market of Frankfurt Stock Exchange will be April 8, 2011.
“We are delighted with the high demand for our shares, which is further evidence that our new shareholders believe in the same prospects as we do. The IPO marks another important milestone for our company and is an acknowledgement for NORMA Group’s long-term success,” says Werner Deggim, CEO of NORMA Group. “The access to the capital market will foster the company’s future development.”
The offer was oversubscribed multiple times at the issue price. Approximately 97.5 percent of the shares were allocated to institutional investors while around 2.5 percent of the shares were placed with retail investors in Germany and Luxembourg.
“NORMA Group will use the net proceeds from the capital increase to partially repay its liabilities and strengthen its financial flexibility to support further organic and acquisitive growth. We will reduce our debt level which will be beneficial for our company and our shareholders,” says Dr. Othmar Belker, CFO of NORMA Group.
Upon full exercise of the greenshoe option NORMA Group’s selling shareholders have sold 11.4 million shares within the IPO leading to gross proceeds of € 239.4 million. Following the IPO, they will hold a stake of 42.3 percent in NORMA Group. The free float will amount to approximately 57.7 percent.
Technology (“EJT”) and Distribution Services (“DS”). In EJT, NORMA Group provides original equipment manufacturers with mission-critical solutions that are engineered to meet their specific needs. In DS, NORMA Group leverages its worldwide manufacturing and distribution network to provide high-quality standardized products under its well known brands ABA®, BREEZE®, Gemi®, NORMA®, R.G.RAY®, Serflex®, Serratub®, TERRY® and Torca®. Headquartered in Maintal, Germany, NORMA Group operates a global network of 17 manufacturing and distribution facilities as well as ten sales and distribution sites across Europe, the Americas and Asia Pacific.
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities.
This release is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Any public offering of securities to be made in the United States of America would be made by means of a prospectus that could be obtained from NORMA Group AG and that would contain detailed information about the company and management, as well as financial statements. There will be no public offer of the securities in the United States of America.
Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan.
NORMA Group, its main shareholders 3i and funds managed by 3i, FIMANE Limited, and Dr. Christoph Schug as member of the supervisory board of the company have committed themselves to comply with market protection agreements and limitations on disposal (lock-up) for a period of 180 days following the IPO and have entered into a corresponding agreement with the syndicate banks. The lock-up period for the current members of the management board comprises a period of 360 days. The International Securities Identification Number (ISIN) of NORMA Group shares is DE000A1H8BV3, and the German securities code number (WKN) is A1H8BV.
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