Senvion lowers price in new IPO attempt

GERMANY: Senvion has responded to investor interest and lowered its proposed share price ahead of a new initial public offering (IPO), announced just days after it cancelled its first attempt.

Senvion has restarted its IPO plans with fewer, lower-priced shares

Senvion is now issuing shares into a private placement at a lower price range between €15.50 and €17.00 per share.

In a revised timetable, its shares are expected to begin trading on the Frankfurt Stock Exchange on 23 March, five days later than first planned.

Senvion will issue fewer shares to be traded, however. The manufacturer said if the full allocation were taken up by private placement, it would mean 28.75% of Senvion's outstanding shares would be floated on the stock exchange.

It has been a topsy-turvy few weeks for Senvion's IPO plans, first announced at the end of February.

On 7 March, Senvion said 46% of its shares would be sold in a private placement ahead of the IPO priced between €20.00 and €23.50 per share.

However, nine days later, on 16 March, Senvion cancelled its IPO plans due to "market volatility" seemingly because the shares were issued at a price too high.