By Lisa Kerner
Charlotte, N.C., Sept. 24 – Chorus Clean Energy AG will launch its initial public offering of up to 12 million new shares on Sept. 25. The offer is expected to end on Oct. 2.
The company has set the price range for the offered shares at €9.75 to €12.50 per share and expects to issue between 8 million and 10.3 million shares, according to a news release.
Chorus will offer the shares publicly in Germany and Austria, as well as in private placements in certain jurisdictions outside of Germany and Austria and outside of the United States.
Trading of shares on the regulated market segment (Prime Standard) of the Frankfurt Stock Exchange is expected to begin on Oct. 7.
Chorus has provided an over-allotment option for its banks to purchase up to 1,937,108 additional new shares.
Total gross proceeds of about €125 million will be used to finance the company’s growth plans and for additional solar and wind parks.
All shares carry dividends as of Jan. 1, 2015.
Chorus announced in July that its IPO had been postponed due the economic situation in Greece and its impact on the global financial markets. Since then, the company has “received the needed tailwind from the positive feedback of national and international investors as well as our successful business development” to go ahead with the IPO, according to chief executive officer Holger Goetze.
Berenberg and BHF-BANK are acting as joint bookrunners.
Chorus is an independent operator of solar and wind parks and a full-service provider for investments in renewable energy. The company is based in Neubiberg, Germany, near Munich.
| Issuer: | Chorus Clean Energy AG
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| Issue: | New shares
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| Amount: | Up to 12 million
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| Greenshoe: | 1,937,108
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| Price: | €9.75 to €12.50 per share
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| Bookrunners: | Berenberg and BHF-BANK
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| Pricing date: | Sept. 24
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| Offer period: | Sept. 25-Oct. 2
|
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