German group Norma raises 386 mln euros with IPO

April 08, 2011 | 14:44

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The German engineering group Norma, which makes precision couplings and joints, has raised around 386 million euros ($555 million) via the first big initial public offering this year in Frankfurt.

source: AFP

The amount was somewhat less than the hoped-for figure of 430 million euros, and came after 18.4 million shares, both existing and new, were sold for 21 euros apiece, a statement said early Friday.

The operation was launched with a share price range of between 19 and 24 euros.

"The IPO marks another important milestone for our company and is an acknowledgement for Norma Group's long-term success," it quoted chief executive Werner Deggim as saying.

Trading of the shares was to begin on Friday for the company which employs 3,500 people and posted 2010 sales of 490 million euros.

Around 50-60 per cent of the group's equity is to trade publicly.

Share listings in Frankfurt so far this year have been relatively modest, with the RIB Software raising 145 million euros and electric bicycle maker Derby Cycle coming up with 76 million.

AFP

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