Senvion owners Centerbridge and Arpwood have set a final offer price of €15.75 per share for the German turbine manufacturer.
The new offer volume amounts to some €294m, according to the private placement which was relaunched yesterday. It gives the company a market capitalisation of €1.02bn.
The owners placed a total of 18,687,500 shares but will keep a 71.25% majority stake in the turbine company. Senvion shares will be traded on the Frankfurt Stock Exchange from Wednesday.
“The success of this offer is testament to the considerable work that has been put in place to build a market leader in the sector,” Senvion chief executive Jürgen Geissinger said.
“Our clear objective is to build upon this success through innovation, product and client development and international expansion for the benefit of our investors and all of the stakeholders in our company.”
The proceeds from the IPO will be used for Senvion’s international expansion, in particular through innovations in the low wind sector, Geissinger had said earlier.
Centerbridge and Arpwood have agreed to a lock-up period of six months starting on 7 March. During this period they cannot sell their Senvion shares without the consent of the majority of the so-called ‘joint global coordinators’. This group includes Deutsche Bank, JP Morgan and Citigroup.
Image: Senvion
