Image: Boris Roessler (dpa)
The Douglas perfumery chain disappointed investors with its IPO on Thursday. By the afternoon, the shares in Frankfurt had fallen by more than twelve percent to 22.80 euros. The issue price was 26 euros. This was already at the lower end of the emission range of up to 30 euros.
Company boss Sander van der Laan and finance director Mark Langer rang the traditional bell in the Frankfurt trading floor in the morning to the cheers of Douglas employees. “It’s nice that you’re back,” said Deutsche Börse board member Thomas Book with a view to returning to the trading floor.
The former Douglas Holding was already listed on the stock exchange and a member of MDax, the second highest index in Germany, until 2013. The company, which was less focused at the time as a book and chocolate retailer, was taken off the stock exchange after it was taken over by the financial investor Advent and the Kreke family in order to strategically reposition it. In 2015 CVC took over the majority.
Further branch openings planned
Douglas has 1,850 branches in 22 countries across Europe and employs around 18,000 people. More than 200 new locations are expected to be opened by the end of the 2025/2026 financial year. Almost 32 percent of the company was listed on the stock exchange. The old owners, the financial investor CVC and the Kreke family, will remain the main shareholders even after the IPO. CVC indirectly holds more than half of the share capital.
The Douglas IPO is also getting a lot of attention because there haven’t been many others recently. After tank supplier Renk, it is the second IPO in Frankfurt this year and the first to also appeal to private investors. In Germany the number of IPOs has been low for years. Douglas will receive a gross amount of 850 million euros from the IPO – regardless of the price – which will be used to reduce debt.
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