Luther advises Steico SE on capital increase
Luther Rechtsanwaltsgesellschaft advised the construction materials group Steico on a capital increase with an issue proceeds of around 25 million euros.
The new shares were offered for sale to institutional investors in Germany and other European countries as part of an accelerated bookbuilding process. Thanks to the high demand, the order book was closed prematurely. Commerzbank and ODDO BHF were the joint global coordinators and joint bookrunners in the transaction.
The gross proceeds of Steico SE from the capital increase amount to approximately 25 million euros. The new shares were included in the existing listing in the m: access quality segment of the open market on the Munich Stock Exchange on September 25, 2017. The company intends to use the funds from the capital increase to finance its further growth.
Steico SE, headquartered in Feldkirchen (Bavaria), develops, produces and sells ecological building products made from renewable raw materials. The company is the European market leader in the segment of wood fibre insulating materials. Steico employs around 1,400 people and in 2016 generated sales of around 208.9 million euros.
Advice to Commerzbank and ODDO BHF
Ashurst: Matthias von Oppen (Lead partner), Dr. Ian Maywald, Joanna Wilczynska-Gluch (all Frankfurt am Main