Lighting designer Hess aims for Oct. 19 listing
FRANKFURT Oct 6 (Reuters) - German lighting designer Hess aims to start trading on the Frankfurt stock exchange on Oct. 19, the group's IPO prospectus showed.
Shares will be priced in the range of 20-23 euros ($26-30), with the offering to include 2.3 million ordinary shares from a capital increase as well as 345,000 shares from the holdings of Hess Grundstuecksverwaltungs GmbH & Co KG.
The subscription period will run from Oct. 8 to Oct. 17.
If all the shares are sold, the company stake held by Chief Executive Christoph Hess and his father Juergen will fall to 33.3 percent from 71.4 percent.
Family-owned Hess plans to focus on the global market for light-emitting diodes (LED), which is forecast to grow to 57 billion euros by 2020 from 5 billion euros in 2011, according to a McKinsey study cited by Hess.
On Tuesday, shares in Talanx, Germany's third-biggest insurer, inched higher on their Frankfurt stock market debut, vindicating the company's decision to go ahead with the share sale after dithering last month over the state of Europe's fragile IPO market. ($1 = 0.7657 euros) (Reporting by Alexander Huebner; Editing by Catherine Evans)
- Malaysian plane presumed crashed; questions over false IDs |
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- China draws 'red line' on North Korea, says won't allow war on peninsula
- Warning shots fired to turn monitors back from Crimea |
- Libya threatens to bomb North Korean tanker if it ships oil from rebel port