(Adds details from IPO prospectus)
FRANKFURT, May 2 (Reuters) - German information technology hardware and software supplier DEVIL AG is planning an initial public offering (IPO) of shares worth up to 34.2 million euros ($53 million), the company said on Friday.
DEVIL will offer up to 2.85 million shares, of which 2.5 million are new shares and the rest will be an over-allotment option of shares held by the company’s current main owner, Dutch Tulip Computers NV TULN.AS, according to the IPO prospectus.
Bookbuilding was scheduled to begin on May 8 and end on May 14 and the shares would likely be listed on the Frankfurt stock exchange on May 20, DEVIL said.
The company intends to expand by using the IPO proceeds to buy other companies, it said in a statement.
“This will enable us to create synergies in our operating business and to tap additional profitable client groups,” DEVIL’s chief executive Axel Grotjahn said in the statement.
If all shares on offer were sold, the free float of readily tradeable shares would be 38 percent. DEVIL’s IPO prospectus said the company hoped to raise between 22.8 million euros and 34.2 million in the offering, which is lead-managed by quirin bank AG.
At the midpoint of that range the issue price would be 10 euros per share.
DEVIL had revenue of 321.9 million euros in fiscal 2007, up 5.8 percent year-on-year. Earnings before interest and tax rose to 2.0 million from 0.7 million.
DEVIL’s product range includes components such as graphic cards and memory chips as well as notebooks and printers. It generates 90 percent of its revenue in Germany but wants to expand elsewhere in Europe. (Reporting by Peter Starck; Editing by David Holmes)