German braking systems developer Knorr-Bremse AG has set a final offer price of €80 per share for its IPO.
The company will raise about €3.87 billion by selling a 30% stake at this price assuming full exercise of the greenshoe option, resulting in a total market capitalization of €12.9 billion.
The selling shareholder, KB Holding GmbH, is placing 35,043,479 shares with investors, along with 8,060,000 additional shares in full exercise of the upsize option. Additionally, up to 5,256,521 shares are being placed to cover over-allotments.
KB Holding will hold 65.0% of the company's shares and Ursus Vermögensverwaltungs GmbH will own 5.0% after completion of the IPO. Heinz Hermann Thiele will indirectly control 70.0% of the voting rights in the company.
The settlement and completion of the offering is planned for Oct. 16. Knorr-Bremse's shares will begin trading on the Frankfurt Stock Exchange under the ticker symbol KBX on Oct. 12.
Deutsche Bank AG, J.P. Morgan Securities PLC and Morgan Stanley & Co. International PLC are serving as the joint global coordinators and joint book runners in connection with the IPO. Joh. Berenberg Gossler & Co. KG, Commerzbank AG, UBS Ltd. and UniCredit Bank AG are joint book runners.