Stabilus says IPO priced at 21.50 euros a share
FRANKFURT (Reuters) - The shares of German automotive and industrial supplier Stabilus SA (STAB.DE) will be priced at 21.50 euros each - the middle of a previously estimated price range of 19-25 euros - when they make their market debut on May 23, the company said late on Thursday.
Stabilus, whose gas springs and hydraulic dampers are used to determine how fast a trunk lid opens or individually adjust the height of swivel chairs, is planning to use the proceeds of roughly 260 million euros ($355.07 million) to pay down debt.
The company is joining a swathe of others tapping equity markets as an economic recovery lifts investor confidence and stock markets. Global initial public offerings almost doubled in value in the first quarter of 2014.
Germany has so far seen little activity. Stabilus' market debut will be the second in the country this year after the 180 million euro float of 3D printer maker SLM Solutions earlier this month.
At the issue price, Stabilus will have a market capitalization of about 445.6 million euros.
(Reporting by Arno Schuetze and Harro ten Wolde. Editing by Andre Grenon)