Paragon plans IPO for battery systems maker Voltabox (updated)
11/09/2017 12:08
* Paragon to float about 40 percent of Voltabox
* Voltabox to issue up to 5.8 mln new shares
* Paragon to sell 500,000 shares in IPO
(Adds CEO comment, background)
By Anneli Palmen
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 funds to develop 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.
"We are in a phase of strong growth," Voltabox Chief
Executive Juergen Pampel told Reuters, adding that proceeds will
be used to finance growth, possible acquisitions, research and
development and the repayment of debt.
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.
Pampel said the company is targeting break-even on an
operating level this year and sales of 100 million euros within
two years.
Bankhaus Lampe KG will be the sole global coordinator for
the IPO and joint bookrunner alongside Hauck & Aufhauser
Privatbankiers, Paragon said.
Voltabox, which was founded in 2011 and employs 90 staff, is
pressing ahead with the planned offering despite German battery
maker Varta's cancellation of a planned IPO late last year
because of a lack of investor demand. urn:newsml:reuters.com:*:nASN0004DU
($1 = 0.8322 euros)
(Additional 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/