Friedrich Vorwerk to list in Frankfurt, grow power and hydrogen ops

Frankfurt Stock Exchange. Author: Thomas Schulz.

March 8 (Renewables Now) - Germany company Friedrich Vorwerk GmbH KG is planning an initial public offering (IPO) in Frankfurt to raise funds to speed up growth, especially in the areas of hydrogen and electricity.

The company, which provides energy transportation and transformation infrastructure for the gas, electricity and hydrogen markets, expects its hydrogen and electricity businesses to benefit from the massive investments in the context of the clean energy transition. Its growth plans involve the launch of a dedicated hydrogen lab and expansion to other European markets, among other activities.

Friedrich Vorwerk will issue new shares to raise EUR 90 million (USD 107m) as part of the IPO, and it will also sell existing shares held by current shareholders. It is targeting a free float of around 45%.

The company stressed that it will remain an owner-managed business, with chief executive Torben Kleinfeldt keeping a “significant” shareholding.

Berenberg and Jefferies serve as joint global coordinators and Hauck & Aufhäuser as joint bookrunner. Admission to trading of Friedrich Vorwerk stock on the Prime Standard of the Frankfurt Stock Exchange is targeted as early as this month.

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