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Steilmann will float at 3.50 to 5 euros apiece

By Angela Gonzalez-Rodriguez

14 Oct 2015

German fashion group Steilmann has advanced further detail on its planned initial public offering of shares or IPO. The retailer has set the price range for shares of Steilmann SE at 3.50 euros to 5.00 euros per share.

“We are offering interested investors the opportunity to invest in one of the leading vertically integrated apparel companies in Germany, which we believe is well positioned for future growth,” said about the IPO Michele Puller, chief executive of Steilmann.

As announced by the fashion group, the offer period will start on 13 October 2015 and is expected to end on October, 22. The final offer price will be determined on the basis of a bookbuilding process, adds the company in a note released Tuesday.

Steilmann to issue 17 million new shares in upcoming IPO

It is worth recalling that the IPO will see 17 million newly issued ordinary bearer shares and 2.55 million over-allotment shares.

As highlighted by ‘RTT News’, “ the placement of all shares offered and full exercise of the greenshoe option, about 49 percent of the company's post-IPO share capital will be placed. Based on the mid-point of the price range, the total gross proceeds are expected to amount to 83.1 million euros including full exercise of the greenshoe option and 72.3 million euros excluding the exercise of the greenshoe option.”

As previously advanced by FashionUnited, current shareholders of Steilmann SE will not sell any shares in the company in connection with the IPO.

Steilmann is owned by the Italian Puller and Giazzi families and entrepreneurs Miro Radici, Edoardo Miroglio and Donato Martinelli.