Shares in FranconoWest AG (WKN A0KFRM), a real estate investment company specialising in residential property in North Rhine-Westphalia (Germany), are to be offered for sale through a bookbuilding process with a price range of EUR 1.80 to EUR 2.20.
The price range was set on the basis of feedback from institutional investors at a roadshow in the past few days. The subscription period starts today, November 1, 2007, and is expected to end on November 8, 2007 at 3 p.m. (German time) for private investors and 6 p.m. (German time) for institutional investors. Listing in the Prime Standard is scheduled for November 13, 2007 and it is excepted that the issue price will be announced on November 9, 2007.
Including the greenshoe, up to 20,000,000 shares are being offered for subscription, with up to 10,000,000 of these coming from a capital increase. The present shareholder, Franconofurt AG, is placing up to 8,700,000 shares and will make up to a further 1,300,000 shares available as a greenshoe. If the capital increase is fully subscribed, FranconoWest AG will then have a total of 40,000,000 shares. Franconofurt AG will remain the majority shareholder with a stake of at least 50 % even after the IPO.It has agreed to a six-month lock-up period.
The lead manager for the IPO is Concord Investmentbank AG. Subscription orders can also be placed with the direct banks comdirect, DAB bank, S Broker, biw bank (via flatex), fimatex, and Cortal Consors and through the Volksbank and Raiffeisenbank mutual banks affiliated to WGZ Bank.Shareholders of Franconofurt AG have preferential subscription rights for a period running from today, November 1, 2007, until probably November 7, 2007.
FranconoWest AG is a real estate investment company focusing on the German state of North Rhine-Westphalia, where it invests in selected apartment buildings. The proceeds of the IPO will be invested in further expansion of the real estate portfolio, in which the company has already invested over EUR 60 million.
The securities prospectus, which was approved by the Federal Financial Supervisory Authority (BaFin) on October 25, 2007, and further information on the IPO can be downloaded from the websites of FranconoWest AG (www.franconowest.de) and Concord Investmentbank AG (www.concord-ag.de).
The price range was set on the basis of feedback from institutional investors at a roadshow in the past few days. The subscription period starts today, November 1, 2007, and is expected to end on November 8, 2007 at 3 p.m. (German time) for private investors and 6 p.m. (German time) for institutional investors. Listing in the Prime Standard is scheduled for November 13, 2007 and it is excepted that the issue price will be announced on November 9, 2007.
Including the greenshoe, up to 20,000,000 shares are being offered for subscription, with up to 10,000,000 of these coming from a capital increase. The present shareholder, Franconofurt AG, is placing up to 8,700,000 shares and will make up to a further 1,300,000 shares available as a greenshoe. If the capital increase is fully subscribed, FranconoWest AG will then have a total of 40,000,000 shares. Franconofurt AG will remain the majority shareholder with a stake of at least 50 % even after the IPO.It has agreed to a six-month lock-up period.
The lead manager for the IPO is Concord Investmentbank AG. Subscription orders can also be placed with the direct banks comdirect, DAB bank, S Broker, biw bank (via flatex), fimatex, and Cortal Consors and through the Volksbank and Raiffeisenbank mutual banks affiliated to WGZ Bank.Shareholders of Franconofurt AG have preferential subscription rights for a period running from today, November 1, 2007, until probably November 7, 2007.
FranconoWest AG is a real estate investment company focusing on the German state of North Rhine-Westphalia, where it invests in selected apartment buildings. The proceeds of the IPO will be invested in further expansion of the real estate portfolio, in which the company has already invested over EUR 60 million.
The securities prospectus, which was approved by the Federal Financial Supervisory Authority (BaFin) on October 25, 2007, and further information on the IPO can be downloaded from the websites of FranconoWest AG (www.franconowest.de) and Concord Investmentbank AG (www.concord-ag.de).
