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PE-backed Evonik targeting biggest German IPO since 2007

25 Apr 2013

chemistry_lrgChemicals group Evonik Industries is set to become Germany’s biggest public listing in more than five years after its private equity owners revived plans for an IPO.

CVC Capital and Germany’s RAG Foundation sold two per cent of the business through a pre-IPO placement last week which valued Evonik at almost €15bn.

That valuation of the company “significantly exceeded” the indicative prices for last year’s aborted IPO.

At the time, RAG, which then owned a 75 per cent stake in the company, said the performance of financial markets had added to uncertainty over whether Evonik’s value would be properly reflected by a listing, which would have valued the company at close to €11bn.

Evonik was due to list on the Frankfurt bourse in the third quarter of 2011 but the IPO was canned amid choppy market conditions.

The pair also sold a 4.6 per cent stake to Temasek for €600m last month to help increase interest in the upcoming listing on the Frankfurt exchange.

The placement is being advised by MainFirst Bank.

CVC invested in the company back in September 2008, and owned a 25 per cent stake prior to the announced placement.

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