DGAP-News: KINGHERO AG sets issue price for new shares at EUR 15.00
(firmenpresse) - KINGHERO AG / IPO
05.08.2010 17:27
Dissemination of a Corporate News, transmitted by
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- Successful placement of 1,000,000 shares
- Capital increase via 875,000 new shares
- Over-allotment of 125,000 shares (greenshoe)
- Issue price for the new shares set at EUR 15.00
- Placement volume amounting to EUR 15 million
- Day of first trading in the Entry Standard on 6. August 2010
Munich/Frankfurt, 05. August 2010. KINGHERO AG, the German holding company
of a fast-growing Chinese clothing manufacturer and designer with one of
the leading fashion brands in China, has successfully completed its
announced capital increase in connection with its IPO by placing 875,000
new shares. Further, additional 125.000 shares were issued via the
over-allotment option (greenshoe). The issue price for the new shares was
set at EUR 15.00 by the Management Board and the syndicate banks based on
the status of the order book. This means that the placement volume amounts
to EUR 15 million.
On the basis of the resolution passed at today's shareholders' meeting (5.
August 2010), the Management Board decided to issue 875,000 new shares with
the approval of the Supervisory Board. Following the completion of the
capital increase and the entry in the commercial register, the share
capital of KINGHERO AG now amounts to EUR 6,125,000, divided into 6,125,000
bearer shares. After the completion of the capital increase, the free float
amounts to about 23%.
A public offer was made to prospective investors in Germany and Austria to
participate in the capital increase within a price range of EUR 14.50 to
EUR 18.50 from 27. July until 4. August 2010. A private placement also took
place in several European countries. About 30% of the shares were placed
with private investors, while about 70% were placed with institutional
investors in Germany and other countries. The shares were allocated to
private investors on the basis of consistent criteria, with each investor
being allocated 90% of his order.
The founder, CEO and major shareholder of the company, ZHANG Yu, is
delighted about the strong response from investors throughout Europe: 'We
are very pleased that so many investors in Europe are interested in our
business model, our prospects and, of course, our share. We consider this
to be a tremendous demonstration of confidence that we aim to continue
justifying in the future by producing good results in the development of
our company.'
'KINGHERO is excellently positioned to continue the development of its
business in a fast-growing Chinese market. The additional funds that we
have received now make it possible for us to implement our growth strategy
promptly. As a strong growing company we need efficient financing
opportunities and the listing fulfils this financing function', adds
Xiaoping Zhao-Moll, member of the KINGHERO AG Management Board.
The day of first trading of the KINGHERO shares in the Entry Standard/Open
Market at Frankfurt Stock Exchange will be tomorrow, 6. August 2010.
The company intends to use its gross proceeds of the offering of EUR 13.1
million as well as the existing funds essentially for further funding of
the strong growth via the establishment of flagship stores as well as via
expansion of the sales network, the added-value chain and the production
capacities. The IPO in Frankfurt will in addition increase market awareness
and strengthen the European element of the 'KINGHERO' brand. The stock
market listing will also improve the debt-free company's position on the
capital market, so that the company is able to take efficient advantage of
further ways to fund future corporate growth.
The joint lead managers for the IPO are BankM Repräsentanz der biw Bank
für Investments und Wertpapiere AG and Silvia Quandt&Cie. AG.
About KINGHERO AG
KINGHERO AG is the German Holding Company of the KINGHERO Group of
companies, mainly active in the Peoples Republic of China (PRC). The Group
is a strongly growing apparel manufacturer and designer, featuring a
leading Chinese fashion brand for the strongly growing urban middle class
in China. The key to the Company's success is a high fashion degree with a
European 'touch and feel' as well as an upscale quality. The high speed of
the design and marketing of new collections ensures a fit to the changing
demands of the growing urban middle class in China. Being in this business
for more than 25 years, the group and its 896 employees produce attire for
all seasons under the KINGHERO brand. The product portfolio includes suits,
jackets, shirts, pants, sweaters for men and women and is divided into a
business casual range and a general casual range.
In 2009, the operating companies in the KINGHERO Group generated total
sales of EUR 48.9 million, EBIT of EUR 13.3 million and net profit of EUR
10.7 million. This represents increases over 2008 of 52.3% (sales), 59.4%
(EBIT) and 54.5% (net profit). KINGHERO holds a substantial lead over the
industry average with an EBIT margin of 27%. The company expects Group
sales to increase again significantly in 2010. In the first quarter of
2010, sales rose to EUR 14.9 million. This corresponds to an increase of
42.9% over the sales of EUR 10.4 million in the same quarter the previous
year. The EBIT margin amounted to more than 31%.
Kirchhoff Consult AG
Janina Wismar
Phone: +49 (0)40 60 91 86 0
janina.wismar(at)kirchhoff.de
KINGHERO AG
Xiaoping Zhao-Moll
Montenstr. 11
80639 Munich
Germany
Phone: +49 (0)89 12 71 13 29
xiaoping.zhao-moll(at)kinghero.de
05.08.2010 17:27 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
Datum: 05.08.2010 - 17:27 Uhr
Sprache: Deutsch
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