PADERBORN, Germany — Wincor Nixdorf said on May 19 that it had placed eight million shares at a price of €41 apiece (U.S. $49) in its initial public offering (IPO), raising some €327 million (U.S. $390 million).
The issue price was at the lowest end of the book-building range of 41 to 50 euros, signalling that investor interest may not have been quite as strong as hoped. There was speculation that the flotation could be called off at the last minute, according to an article in Business Report.
Lead-manager Goldman Sachs has yet to decide whether an additional 1.2 million shares will be issued as part of a so-called greenshoe or over-allotment option. That decision will be made in the coming weeks, Wincor Nixdorf said in a statement.
Company chairman Karl-Heinz Stiller said that "under the current conditions, the final issue price is appropriate and offers potential for attractive development in the future."
He added, "That we succeeded in going public in the current critical capital market environment shows that investors are still interested in a company with a solid business model and favorable growth perspectives."
Wincor Nixdorf is the second company to go public in Germany this week, ending an IPO drought of nearly two years, according to Business Report. East German bicycle maker Mifa made its stock market debut on May 17.
