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Hensoldt eyes up to $869 million in listing proceeds

Tue, 15th Sep 2020 18:44

FRANKFURT, Sept 15 (Reuters) - Private equity-owned German
defence supplier Hensoldt could rake in as much as 733 million
euros ($869 million) in its planned initial public offering, the
company said on Tuesday.

The former Airbus unit, which buyout group KKR
bought in 2016, plans to sell up to 45.81 million
shares, which includes upsize and greenshoe options.

At a price between 12-16 euros apiece, this would result in
proceeds of 550-733 million euros and a free float of 32%-44%,
the group said.

Reuters reported plans of the listing last week.

The share sale could give the group an enterprise value of
up to 2.61 billion euros ($3.09 billion), at the lower end of
the span previously given by sources close to the matter.

The offer period for shares in Hensoldt, which competes with
groups such as Ultra Electronics and Mercury Systems
, is expected to run from Sept. 16 until Sept. 23, with
the first day of trading slated for Sept. 25.
($1 = 0.8440 euros)
(Reporting by Christoph Steitz
Editing by Chizu Nomiyama)

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