The German manufacturer of wind turbines Senvion offer investors up to 29.9 million shares, or approximately 46% of its capital, at its next introduction to the Frankfurt Stock Exchange as the first listing is expected on 18 March.
These shares will be sold by private equity funds Centerbridge Partners and Arpwood Capital at a price between 20 and 23.50 euros, corresponding to a valuation of all the range of 1.30 to 1.53 billion, reported on Monday.
Both funds have taken control of the former Repower last year alone, pouring Centerbridge then one billion euros, including debt, and thereafter giving a 21% to Arpwood to 112 million euros according to information Press.
Repower was before that, from 2007 to 2015, a subsidiary of Indian group Suzlon Energy who yielded to Centerbridge to reduce its debt.
“The IPO is a way to inform the market that links with Suzlon are cut for good and Senvion has no debt problem,” said a source familiar with the situation.
No new shares will be issued in connection with the public offering, which is organized by J.P. Morgan and Citigroup with the support of Bank of America, Barclays, Berenberg, Morgan Stanley, Raiffeisen Bank International and Santander.
Senvion, led since December by Jürgen Geissinger, former head of Schaeffler engineering group, agrees with this operation finance new wind farm projects.