Senvion offers 46% of shares ahead of IPO

GERMANY: Turbine manufacture Senvion has revealed the price range for its private placement of shares ahead of its initial public offering (IPO) on the Frankfurt Stock Exchange.

Senvion will be traded on the Frankfurt Stock Exchange from 18 March

Senvion said 46% of its outstanding share capital will be offered in a private placement ahead of its first day of trading on the stock exchange on 18 March.

From today (7 March), Senvion said it would begin the private placement of the shares priced between €20.00 and €23.50 per share. Up to 29.9 million shares are available in the private placement.

"Access to the capital markets will support Senvion's growth path and enhance our company's global profile. As an independent company, we will continue to invest in innovation and developing client relationships as we pursue our strategy to expand into new markets," said Senvion CEO Jurgen Geissinger.

The firm announced its plans to float on the stock exchange at the end of February. It said the move was to help it achieve growth in new, emerging markets.

The company's owners, private equity firms Centrebridge Partners and Arpwood Capital, will remain majority shareholders "for the time being".