DGAP-News: Hess publishes IPO details: subscription period starts today
(firmenpresse) - DGAP-News: Hess AG / Key word(s): IPO
Hess publishes IPO details: subscription period starts today
08.10.2012 / 11:14
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Hess publishes IPO details: subscription period starts today
- Public offering of up to 2,645,000 ordinary shares
- Targeted issue volume of EUR 46 million to EUR 53 million excluding
over-allotment option
- Subscription period from October 8 until October 17, 2012
- Existing majority shareholders to remain significantly invested
Villingen-Schwenningen, October 8, 2012 - Hess AG, one of the
internationally established manufacturers of external and architectural
lighting, is planning the initial listing of its shares in the Prime
Standard of the Frankfurt Stock Exchange for October 19, 2012. The price
range for the offered shares lies between EUR 20.00 and EUR 23.00. The
period during which interested investors can subscribe for the shares
starts today, October 8, 2012, and will end prospectively on October 17,
2012. On the last day of the offering period, private investors and
institutional investors will be able to submit purchase offers until
prospectively 12:00 hours (Central European Time). The offering consists of
a public offering in Germany, and an international private placing outside
the United States of America, Australia, Japan and Canada. The final
placing price will be derived from a bookbuilding process, and will be
announced through an ad hoc announcement prospectively on October 17, 2012.
The share offering comprises up to 2,300,000 shares and a further up to
345,000 shares as part of a potential over-allotment from the holdings of
the main shareholder, Hess Grundstücksverwaltungs GmbH&Co. KG; strategic
investor HPE Pro Institutional Fund B.V. will sell no shares as part of the
IPO. Given a complete placing, the gross issue proceeds for Hess AG will
amount to around EUR 46 million to EUR 53 million (without Greenshoe
option). The targeted free float will stand at around 50.7 % after the IPO
given a complete placing of all offered shares and the full exercise of the
Greenshoe option. Landesbank Baden-Württemberg ('LBBW') will manage the
transaction as Lead Manager and Sole Bookrunner; Kempen&Co. N. V.
('Kempen') and M.M. Warburg&CO KGaA ('M.M. Warburg') will be the Co-Lead
Managers.
The company primarily aims to finance its continued growth with the
proceeds from the transaction. The strategic focus in this context is the
high-growth global LED market in the general lighting area, for which an
average annual growth rate of 31.1 % is forecast between 2011 and 2020.
Hess aims to utilise its positioning on this market, mainly through
expanding its international sales operations, and the opportunistic
acquisition of interests in companies or entire companies - preferably in,
or with good access to, the growth regions of the Middle East, North
America and Asia. Hess also plans to develop further technologies in the
LED and OLED (organic LED) area, and to establish a new 'Residential
Lighting' division. The existing 'Avangardo Line' product line, in which
Hess offers lighting for building-related use, is then to be converted
fully to LED technology.
Christoph Hess, CEO of Hess AG, explains the motives for the IPO: 'As an
LED pioneer, we have a strong international sales network with established
brands. We have grown our revenues by an average of 14 % per year between
2009 and 2011, and we have grown ever more profitable over the same period.
At the same time, we identify considerable growth potential in our core
markets of Europe, Asia, the Middle East and North America. Demand for
energy-efficient lighting is becoming increasingly stronger on all of these
markets. The planned IPO plays a decisive role in helping us to participate
in this LED revolution.'
Company profile:
Hess AG, headquartered at Villingen-Schwenningen, Baden-Württemberg,
Germany, is one of the internationally established manufacturers of
external and architectural lighting. One focus in this context is on
energy-efficient lights utilising modular LED technology. With the
acquisition of Frankfurt-based emdelight GmbH in March 2012, Hess also
further expanded its excellent positioning on the global market for
aesthetically structured lighting solutions. Projects realised by emdelight
include illuminating the facade of the Commerzbank's head office in
Frankfurt, and recently the 8.5 km-long Barwa Commercial Avenue shopping
centre in Qatar.
Hess generated EUR 68.1 million of revenue in the 2011 financial year, and
EBIT (operating profit) of EUR 5.6 million, equivalent to an 8.2 % EBIT
margin. The company further accelerated its year-on-year growth rate in the
first half of 2012, achieving approximately 39 % revenue growth. The
company's products are distributed and sold in more than 50 countries
worldwide - with a growing presence on the important lighting markets of
Europe, Asia, the Middle East and North America. The company manufactures
at three locations in Germany and the USA; Hess also has final assembly
capacities, including in Japan and China. During the first half of 2012,
the company employed an average of 360 staff.
On the Internet at www.hess.eu.
Further details about the offering:
The offering consists of a public offering in Germany, and an international
private placing outside the United States of America, Australia, Japan and
Canada. The German Federal Financial Supervisory Authority (BaFin) approved
the corresponding securities prospectus on October 5, 2012. The securities
prospectus is published on the company's website (http://www.hess.eu), and
is available free of charge in printed form from the company
(Lantwattenstrasse 22, 78050 Villingen-Schwenningen, Germany), and from the
Landesbank Baden-Württemberg (Am Hauptbahnhof 2, 70173 Stuttgart, Germany).
Key information about the IPO:
Initial October 19, 2012Disclaimer:
listing:
Offering The offering period will commence on October 8, 2012, and
period: will end prospectively on October 17, 2012 at 12:00 hours
(Central European Time) for private investors and
institutional investors.
Price range: EUR 20.00 to EUR 23.00 per share
Offering: Public offering in the Federal Republic of Germany, and an
international private placing outside the United States of
America (USA), Australia, Japan and Canada. Outside the USA,
the shares will be offered pursuant to Regulation S of the US
Securities Act.
Shares Up to 2,300,000 shares will be offered. A further up to
offered: 345,000 shares can be placed as part of an over-allotment
option. The object of the offering are no par ordinary bearer
shares (no par shares) each with a notional amount in the
share capital of EUR 1.00, with full dividend-entitlement
from January 1, 2012.
Gross issue EUR 46 million to EUR 53 million (given a placing of all
proceeds for offered shares)
Hess AG:
Stock Frankfurt Stock Exchange
exchange:
Market Regulated Market (Prime Standard)
segment:
ISIN: DE000A0N3EJ6
WKN: A0N3EJ
Ticker HEAG
symbol:
Free float Approximately 50.7 % (given a placing of all offered shares,
after the and the complete exercise of the Greenshoe option)
IPO:
Lead Manager Landesbank Baden-Württemberg (LBBW), Stuttgart&Sole
Bookrunner:
Co-Lead Kempen&Co. N.V., Amsterdam, and
Managers: M.M. Warburg&CO KGaA, Hamburg
Selling Company: 12 months (soft lock-up)
restrictions Hess Grundstücksverwaltungs GmbH&Co. KG and HPE Pro
(lock-ups); Institutional Fund B.V.: 12 months
Market
protection
agreement:
This publication represents neither an offer to purchase nor the request
for an offer for the purchase of securities. Hess AG securities are not,
and will not be, offered publicly outside Germany. Any public offer in
Germany occurs exclusively through and on the basis of a securities
prospectus. The securities prospectus is published on the company's website
(http://www.hess.eu), and is available free of charge in printed form from
the company (Lantwattenstrasse 22, 78050 Villingen-Schwenningen, Germany,
Fax 07721/920250), and from the Landesbank Baden-Württemberg, Am
Hauptbahnhof 2, 70173 Stuttgart, Germany, Fax 0711/127 25198).
This publication represents neither an offer to purchase nor the request
for an offer for the purchase of securities in the United States of
America. Hess AG shares may not be offered or sold in the United States of
America, or to 'US Persons' (as defined in Regulation S of the US
Securities Act of 1933 in the respective valid version (the 'Securities
Act')), or for the account of 'US Persons', unless they are registered or
exempt from the requirement to register pursuant to the Securities Act. The
shares were not, and are not, registered pursuant to the Securities Act.
This publication is for distribution only to
(i) individuals who have professional experience in matters relating to
investments, or
(ii) individuals who fall under Article 49 (2) (a) to (d) ('high net worth
companies', unincorporated associations etc) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005, or
(iii) other individuals to whom they may be legally made accessible
(whereby such individuals are together designated as 'Relevant Persons').
This publication is addressed exclusively to Relevant Persons. Individuals
who are not Relevant Persons may not act on the basis of trust in this
publication. Any investment or investment activity relating to this
publication is open exclusively to Relevant Persons, and will be entered
into solely with Relevant Persons.
Contact:
Hess AG
Marco Walz
Investor Relations
Lantwattenstraße 22
78050 Villingen-Schwenningen
Phone: +49 7721 920-475
Fax: +49 7221 920-771475
Mail: marco.walz(at)hess.eu
www.hess.eu
cometis AG
Ulrich Wiehle / Mark Appoh
Unter den Eichen 7
65195 Wiesbaden
Phone: +49 611 205855-11
Fax: +49 611 205855-66
Mail: wiehle(at)cometis.de
End of Corporate News
The picture belonging to this press release can be found here:
http://newsfeed2.equitystory.com/hesseu/187857.html
Caption: Christoph Hess, CEO der Hess AG
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