Image: Apa/dpa/Daniel Karmann
“The IPO is the next logical step for us to continue successfully implementing our strategy and exploiting our full potential,” said Douglas CEO Sander van der Laan on Monday. The initial listing could take place in March.
The company wants to raise around 800 million euros from the IPO, and the existing shareholders, the financial investor CVC and the Kreke family, want to contribute a further 300 million. The money will be used to reduce debt, and the remaining loans will be refinanced under better conditions.
“The IPO would accelerate deleveraging, reduce interest expenses and thereby increase financial flexibility and future appreciation,” it said in a statement.
Delisted from the stock exchange in 2013
CVC and the family did not want to give up any shares in the IPO; CVC remained the majority shareholder. Douglas was delisted from the stock exchange in 2013 after the joint takeover by the financial investor Advent and the Kreke family. In 2015, the majority went to CVC for almost three billion euros.
The IPO is organized by the investment banks Citi, Goldman Sachs, Deutsche Bank, UniCredit and UBS. Douglas would be the second newcomer to the Frankfurt stock exchange this year after the tank transmission manufacturer Renk. Its shares have risen from 15 to 27 euros compared to the issue price.
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Source: Nachrichten
