Schaeffler Frankfurt Stock Exchange IPO

9/10/2015
IPO

€ 93.8 million

$ 1.062 billion

Completed

9/10/2015


Overview:

  • Schaeffler undertook its IPO on the Frankfurt Stock Exchange, raising €938 million which it used to repay debt.
  • The German car parts manufacturer sold 75 million non-voting shares (66 million new shares, the remainder from those owned by the Schaeffler family) at €12.50 per share. 
  • The IPO means close to 11% of the business is trading, with the shares also listed on the Luxembourg Stock Exchange. 
  • Schaeffler's owners had hoped to raise as much as €2.5 billion when taking the business public but were forced to revise their target when the Volkswagen emission scandal broke in the lead up to IPO.
  • Proceeds from the IPO were used to reduce the company's debt (down to €4.89 billion following the IPO). 
  • In 2009, heavily in debt following the take over of Continental, Schaeffler began a €12 billion debt restructuring and the transaction is a continuation of this process.    
  • The Schaeffler family intends to sell around a further 15% in the business in 2016. 
  • Deutsche Bank and Citigroup were global coordinators on the IPO; Bank of America Merrill Lynch and HSBC were bookrunners.

Ben Naylor - Regional Editor

Jurisdictions:

Germany
Luxembourg
United Kingdom

Deal type:

IPO

Practice area:

Capital markets : Equity

Industry sectors:

Industrials and manufacturing
Automotive


Firms:

Party: Schaeffler AG Inh Vzo (Issuer)


Party: Schaeffler AG Inh Vzo (Issuer)


Party: Deutsche Bank AG Na ON (Joint global coordinator)

Party: Citigroup Global Markets Ltd (Joint global coordinator)

Party: Bank of America Merrill Lynch (Joint bookrunner)

Party: HSBC Trinkaus & Burkhardt (Joint bookrunner)

Lawyer: John Banes


Party: Deutsche Bank AG Na ON (Joint global coordinator)

Party: Citigroup Global Markets Ltd (Joint global coordinator)

Party: Bank of America Merrill Lynch (Joint bookrunner)

Party: HSBC Trinkaus & Burkhardt (Joint bookrunner)

Lawyer: Johannes Tieves


Party: Schaeffler AG Inh Vzo (Issuer)