Norton Rose advises equinet in relation to the IPO of Solutronic AG
26 November 2010
International legal practice Norton Rose LLP has advised equinet Bank AG in relation to the IPO of Solutronic AG, Köngen, Germany. Listing of the company’s shares in the Entry Standard of the Frankfurt Stock Exchange commenced on 25 November 2010. Solutronic develops and distributes transformerless, grid-connected inverters for photovoltaic systems. In the nine-month period of this year the company generated revenues of approximately €17 million and an EBIT of €4.4 million.
equinet Bank AG, Frankfurt, was the sole lead manager and sole bookrunner in the transaction.
In the course of the public offering 1,840,000 shares (including greenshoe) from a capital increase with subscription rights of the shareholders were placed in a so called opération blanche as part of which the sole lead manager acquired subscription rights from the shareholders. The proceeds from the placement of these shares were used by the shareholders to exercise further subscription rights which were then placed by the sole lead manager on behalf of the existing shareholders. The company received the subscription price in an amount of approximately €5.9 million. Total proceeds from the issue amounted to €20 million. Market capitalisation of Solutronic AG is around €65 million.
The Norton Rose team was led by Frank Peter Regelin, assisted by Sascha Grimm and Marlene Martin (all Corporate Finance, Frankfurt). Norton Rose regularly advises equinet Bank AG on capi-tal markets transactions.
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