Paragon plans IPO for battery systems maker Voltabox
11/09/2017 07:36
FRANKFURT, Sept 11 (Reuters) - Germany's Paragon PGNG.DE
plans to float about 40 percent of its Voltabox battery systems
unit on the Frankfurt stock exchange as early as this autumn to
raise deleveopment funds for the business.
Voltabox is to issue 5 million new shares plus a greenshoe
option of 825,000 shares, with a further 500,000 shares to come
from Paragon's holdings, Paragon and Voltabox said.
The companies did not say how much the initial public
offering (IPO) is expected to raise.
Voltabox, the customers of which include carmaker BMW
BMWG.DE , brake systems business Knorr-Bremse and industrial
robots maker Kuka KU2G.DE , makes lithium-ion-based battery
systems used in electric forklifts, mining vehicles and trolley
buses.
It said it sees opportunities in agricultural markets,
construction vehicles and municipal utility vehicles. It also
plans to expand into performance electronics and electric
engines.
The business generated 10.6 million euros ($12.7 million) in
sales in the first half of 2017 but said it had an order backlog
of more than 800 million euros.
Its first-half loss before interest and tax (EBIT) narrowed
to 0.7 million euros from 1.5 million a year earlier.
Bankhaus Lampe KG will be the sole global coordinator for
the IPO and joint bookrunner alongside Hauck & Aufhauser
Privatbankiers, Paragon said.
($1 = 0.8322 euros)
(Reporting by Maria Sheahan; Editing by David Goodman)
((maria.sheahan@thomsonreuters.com; +49 69 7565 1286; Reuters
Messaging: maria.sheahan.thomsonreuters.com@reuters.net))
Keywords: VOLTABOX IPO/