FranconoWest AG (WKN A0KFRM), a real estate investment company specialising in residential property in North Rhine-Westphalia (Germany), has placed 5 million shares through an IPO. The issue price is EUR 1.80 per share.
3 million of the shares represent a capital increase, so the placement generated a gross cash inflow of EUR 5.4 million for FranconoWest AG. A further 2 million shares were placed by the company’s majority shareholder, Franconofurt AG, which is also listed on the stock market. After the placement, Franconofurt AG will own 85 % in FranconoWest AG. The capital increase has raised the nominal share capital of FranconoWest AG to a total of EUR 33 million.
The initial listing of shares in FranconoWest AG in the Prime Standard on the Frankfurt Stock Exchange is scheduled for November 13, 2007.
3 million of the shares represent a capital increase, so the placement generated a gross cash inflow of EUR 5.4 million for FranconoWest AG. A further 2 million shares were placed by the company’s majority shareholder, Franconofurt AG, which is also listed on the stock market. After the placement, Franconofurt AG will own 85 % in FranconoWest AG. The capital increase has raised the nominal share capital of FranconoWest AG to a total of EUR 33 million.
The initial listing of shares in FranconoWest AG in the Prime Standard on the Frankfurt Stock Exchange is scheduled for November 13, 2007.
