The market for IPOs continues to pick up. The first new entry on the Swiss stock market is taking shape. And in this country, Meinauto, an online car dealer, is targeting its debut – and has a good role model.
Dhe equity issue market is picking up noticeably this year. In Switzerland, the first new entry on the Six Exchange is taking on more concrete forms. The pharmaceutical supplier Polypeptide announced on Wednesday the range at which the shares should be issued as part of the previously announced IPO. With a price of 57 to 68 francs, the offered volume of old and new shares, including the over-allotment option, amounts to up to 896 million francs. Overall, the company with Swedish roots and headquarters in Zug has a market value of more than 2 billion francs, it is said. According to the information, the subscription period runs until April 28th. The shares are to be traded for the first time on the Zurich stock exchange on April 29th.
Last Monday, Europe’s largest laboratory chain Synlab announced the key data for its planned IPO. Depending on demand, the Munich-based company plans to sell up to 71.5 million shares at a price between 18 and 23 euros. Overall, Synlab would have a market value of up to 5 billion euros. The shares of the laboratory chain can be subscribed until April 27th and should be traded for the first time on April 30th on the Frankfurt Stock Exchange. The issue is organized by the investment banks Goldman Sachs and JP Morgan.
Ingredients for cancer drugs and corona vaccine
Polypeptide’s transaction is in the hands of Joint Global Coordinators, Credit Suisse, Morgan Stanley and Bank of America. Berenberg, Danske Bank and Zürcher Kantonalbank are also involved. The proceeds from the IPO are to be used to accelerate investments, drive expansion into new business areas and possibly finance acquisitions. Founded in 1996, the company is controlled by a foundation associated with the Swedish billionaire and adventurer Frederik Paulsen Jr. Paulsen, who lives in western Switzerland, steered a Russian submersible onto the seabed under the North Pole in 2007.
Polypeptide develops and produces peptides for pharmaceutical, biotechnology and cosmetics companies, i.e. active ingredients that are used in cancer drugs, antibiotics, vaccines and anti-wrinkle agents. Production takes place in Europe, the United States and India. The corona pandemic also creates a sense of the imagination. Because polypeptides produce, among other things, ingredients for the Covid-19 vaccine of the American company Novavax. Last year, the company with more than 900 employees achieved sales of 223 million euros and an adjusted operating profit (Ebitda) of 62 million euros.
Auto1 clearly in the plus
In addition, it was announced on Wednesday that the online car dealer Meinauto Group is aiming for the Frankfurt Stock Exchange in the coming weeks. At least 150 million euros are to be raised to finance growth and pay off debts. The company from Unterhaching near Munich announced this. The aim is to make a stock market debut in the second quarter. The IPO is likely to be significantly larger overall, because the British financial investor Hg also wants to sell shares, reported the Reuters news agency with reference to insider circles. The stock market value should therefore amount to more than 2 billion euros. Meinauto is accompanied to the stock exchange by the investment banks Bank of America, Barclays, Citi, Jefferies and Unicredit.
“The IPO is an important step in further developing the company on its growth path and expanding our position as the leading online platform for the digital sales of new vehicles in Germany”, says the CEO of the Meinauto Group, Rudolf Rizzolli.
The company apparently wants to build on the stock market success of the Berlin used car dealer Auto1, which went public in January. Auto1’s papers generated around 1.8 billion euros. The largest IPO of the year in Germany to date was achieved in March by the Vodafone subsidiary Vantage Towers with 2.3 billion euros. While Vantage Towers was only quoted just above the issue price, Auto1 gained around a fifth in price.