FRANKFURT, Sept 25 (Reuters) - German battery systems maker Voltabox said its shares would be priced between 20 and 24 euros in its planned initial public offering for a placement volume of up to 151.8 million euros ($181 million).
Parent company Paragon said two weeks ago it plans to float about 40 percent of its Voltabox unit on the Frankfurt stock exchange as early as this autumn to raise funds to develop the business.
The IPO volume is expected to raise between 126.5 million and 151.8 million euros, with Voltabox likely to receive gross proceeds of 116.5-139.8 million euros, the IPO candidate said in a statement on Monday.
The subscription period will run from Sept. 27 to likely Oct. 10 with the first day of trading in the Frankfurt stock exchange’s Prime Standard segment expected for Oct. 13, it added.
Voltabox, whose customers include carmaker BMW, brake systems business Knorr-Bremse and industrial robots maker Kuka, makes lithium-ion-based battery systems used in electric forklifts, mining vehicles and trolley buses.
It has said it sees opportunities in agricultural markets, construction vehicles and municipal utility vehicles. It also plans to expand into performance electronics and electric engines. ($1 = 0.8389 euros) (Reporting by Ludwig Burger; Editing by Christoph Steitz)