Uniwheels approves IPO share allotment
Wheel manufacturer Uniwheels AG has approved the allotment of 4,800,000 shares in a public offering, including 2,400,000 new shares from a share capital increase and 2,400,000 existing shares from the holding of existing shareholder Uniwheels Holding (Malta) Ltd. . Five per cent, or 240,000 of the shares offered have been allocated to retail investors and 4,560,000 (95 per cent) to institutional investors.
The offer price for both the new shares and sales shares was PLN 105 (£18.78), and the total proceeds from the offering amounted to PLN 504.0 million gross (£90.2 million). From the issue of the new shares, the company will receive PLN 252.0 million (£45.1 million) gross. The shares are expected to debut on the Warsaw Stock Exchange on 8 May 2015.
“We would like to thank all investors, both institutional and individual ones, who took the time to attend the meeting, analyse our company and finally decided to invest in Uniwheels AG shares,” stated company CEO Ralf Schmid. “During roadshows we had met approximately 70 institutions, and almost all of them took part in the book building. What is also worth adding – foreign institutional investors from eight countries decided to take part in the offering. It is a great success and a proof that our company, the business model and long term prospects are very attractive from the European markets perspective. Finally the demand from institutions was so high that we had to allocate to them much more shares than initially expected. At the price of PLN 105 per share, demand substantially exceeded the number of offered shares. We are also very pleased with the significant interest in our shares shown by the Polish retail investors.”
“We are very satisfied with the achieved price level of PLN 105 per share, which is fully in line with our internal pricing goal,” Added Uniwheels AG CFO, Dr. Karsten Obenaus. “As a result of this success, we have collected gross proceeds amounting to approximately €62.7 million, which will be invested into financing of our third plant in Stalowa Wola. The facility will start its operations by mid of 2016 as scheduled. In the final stage, this additional capacity of approx. 1.9 million wheels will lead to a group capacity of nearly 10 million wheels in the next years.”