By Nina Kienle
German defense company Renk Group said majority owner Triton aims to sell a stake of 450 million euros ($485.4 million) to institutional investors ahead of a planned listing on the Frankfurt Stock Exchange on Wednesday.
The company said Monday that up to 30 million shares currently held by an entity majority-owned by investment company Triton will be offered to institutional investors at EUR15 each.
European defense company KNDS and asset manager Wellington Management will subscribe to shares valued at EUR100 million and EUR50 million, respectively, Renk said. In addition, KNDS has the right to appoint a member of the supervisory board and to buy more shares to take its shareholding to 25% at a price higher than EUR15 after the listing, it said.
Shares in Renk are expected to start trading on the Frankfurt Stock Exchange on Wednesday, it said.
The company in October last year postponed a planned initial public offering, saying the market environment had clouded noticeably in the days leading up its scheduled trading debut.
Augsburg, Germany-headquartered Renk makes gear units, transmissions, power packs and other components used in military and civil vehicles. In 2022, the company generated revenue of EUR849 million.
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