Deutsche Börse welcomes automotive engineer in Prime Standard/ Total issue volume of €166.25 million
As of 2 December, EDAG Engineering Group AG (ISIN: CH0303692047) has been listed in the Prime Standard of the Frankfurt Stock Exchange. A total of 8.75 million shares were placed in the IPO and the total issue volume was approximately €166.25 million. The initial listing price was €19.55; the issue price €19.00.
The IPO was assisted by Deutsche Bank and Morgan Stanley, both whom are also designated sponsors on Xetra. Baader Bank has the role as Specialist on the Börse Frankfurt venue.
According to the company, EDAG is an independent engineering services provider for the global automotive industry. The company serves leading domestic and international vehicle OEMs (Original Equipment Manufacturers) and automotive suppliers through a global network of 57 locations worldwide. EDAG offers complementary engineering services in the segments Vehicle Engineering, Electrics/Electronics and Production Solutions. During the financial year 2014, EDAG generated core revenue of €634.7 million and an adjusted core EBIT of €53.2 million. As of 30 September 2015, 8,063 personnel were employed by EDAG across 19 countries.