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Defense · Germany · IPO · Private Equity
Vincorion, a northern German defense supplier, experienced a strong market debut on the Frankfurt Stock Exchange, with its shares opening at 19.30 euros after being issued at 17 euros, leading to a valuation of 850 million euros for the company.
Shares in the Wedel-based company rose sharply, allowing its owner, the British private equity firm Star Capital, to raise 345 million euros. Star Capital reduced its stake from 88.1% to 47.5% through this move.
The 850 million euro valuation at the issue price represents more than six times the approximately 130 million euros valuation when Star Capital acquired Vincorion from technology group Jenoptik nearly four years ago. Vincorion is the second company this year to join the strictly regulated Prime Standard of the Frankfurt Stock Exchange, following the Austrian copper specialist Asta Energy.
Another defense industry supplier, the Luebeck-based Gabler Group, also debuted in the Scale segment in early March, with its shares closing at 47 euros, above its 44 euro issue price. This report was provided by Reuters.
