The IPO of battery manufacturer Varta brings about 233.5 million euros. The producer of Microbatterys for hearing aids or headphones set issue price for his shares on Wednesday to 17.50 euros and maxed out price range, shared Varta on Wednesday evening and thus confirmed information from an insider.

Due to high demand, Varta shortened subscription period by almost a week. Varta brought 13.3 million shares to investors. This Thursday papers will be traded on Frankfurt Stock exchange for first time. In past year, Varta's IPO had failed due to insufficient demand.

669 million Euro company value

The company from Swabian Ellwangen itself is 150.5 million euros. The company wants to invest money in expansion of production. The remainder goes to Austrian investor Michael Tojner, who owns Varta via his Swiss holding Montana tech. It also holds majority of Varta after IPO, while free float is around 35 percent. At issue price The company is worth about 669 million euros.

2016, Varta increased sales by 9.6 percent to 214 million euros, but earnings before interest and taxes (EBIT) decreased by one third to 14.9 million euros.

The tradition-rich Varta AG was listed on stock Exchange until 2007. Today's company is only a small part of it. The industrial family Quandt had sold car batteries business to US supplier Johnson Controls and household batteries to today's spectrum brands.

Date Of Update: 20 October 2017, 12:02