TD News International

Noratis wants to make up to €45.5mn by going public

Residential property investor Noratis has decided to go public: The firm is offering 2.0 million new common shares from a capital increase. The price ranges from €18.75 to €22.75 per share. After the approval of the securities prospectus expected today, the subscription period will begin on 21 June and probably end on 27 June. The shares are then to be listed at the Frankfurt exchange on 30 June in the Scale segment of the open market. The gross issue proceeds of up to €45.5mn will be used to finance property acquisitions. As part of a greenshoe option, up to 200,000 additional shares owned by current shareholders Norlig (a company owned by founder Oliver C. Smits) and SIA Hansahold may also be placed. These currently account for 33.33 % each of the existing base capital (2.0 million shares at €1.00 per share). The remaining 33.33 % of existing shares are in the hands of CEO Igor Christian Bugarski. If the greenshoe option is fully exercised, free float of 55 % would be achieved.

TD Premium

Subscribers to our premium service have access to this article in full as well as to an additional 450,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.

 

TD Premium is Germany's leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.