Germany's Evonik completes long-awaited stock market listing

25 April 2013 10:39  [Source: ICIS news]

LONDON (ICIS)--After several false starts dating back to 2008, German chemicals giant Evonik went public on Thursday, with shares up in early day trading.

Some 14.5% of the company has been placed in free float in the form of 466 million shares, with 12.2% of that total sold in private placements in February and March this year.

Evonik said on Thursday that the company had sold an additional 2.3% stake to domestic and institutional investors on 24 April, ahead of the listing, for a price of €32.20 ($41.82) per share. Shares were trading at €32.89 apiece in Frankfurt as of 09:37 GMT, from early-day highs of €33.20. The company described the number of investors as in the "low three-digit[s]".

Following the listing, the RAG Foundation – which previously held 74.99% of the company – has reduced its stake to 68.9%, while former 25.01% stakeholder – private equity firm CVC Capital Partners – has reduced its stake to 18.9%.

Singapore-based sovereign wealth fund Temasek now holds 4.6% of the company through a wholly-owned subsidiary, according to Evonik’s initial public offering (IPO) prospectus.

The RAG Foundation had originally planned to list the company in 2008, but scrapped plans as a result of the global economic crisis, opting instead to sell a 25.01% stake to CVC.

Another attempted listing was cancelled in 2012 due to the weak European economy.

($1 = €0.77)


By: Tom Brown
+44 208 652 3214



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