FRANKFURT (Reuters) – German advertising group Stroeer said it plans to offer shares at 20 euros apiece, around the middle of its price range, in its July 15 stock market debut.
The total amount of shares on offer would be 394 million euros ($496 million), including a greenshoe option and shares from co-owner Cerberus, Stroeer said on Wednesday, making the sale Germany‘s third-biggest initial public offering this year.
Before deduction of IPO expenses, Stroeer would receive 275 million euros from a capital increase, the company reiterated, in what would be the country’s first initial public offering (IPO) since Greece‘s debt crisis spooked financial markets.
Stroeer had unveiled initial details of its planned IPO on July 2. [ID:nLDE6611NA]
U.S. private equity firm Cerberus aims to sell its entire stake in Stroeer for 83.2 million euros, the advertising company specified on Wednesday.
The subscription period for Stroeer shares started July 5 and ended on Tuesday.
Stroeer sells ad space on billboards, advertising pillars, streetcars and large screens. Chief Executive Udo Mueller and Heinz Stroeer, the two main owners, plan to keep their shares.
(Reporting by Ludwig Burger; Editing by Phil Berlowitz)