Capital News

An increase in share capital has brought an underwriting revenue of some 101 million Euros to the coffers of AIXTRON.  The mechanical construction company based in Aix La Chapelle had placed 10,223,133 young shares with institutional investors within an Accelerated Book Building procedure at an issue price of 9.90 Euros. The revenue has been earmarked to bolster AIXTRON’s leadership in technology and, in particular the production of high efficiency electronics, organic LEDs and applications for silicon semiconductors. Hopefully this influx of capital will also contribute to greater financial flexibility for the company.

Bastei Lübbe: fresh capital on the market

The media company Bastei Lübbe AG is now listed on the stock exchange; it has been Prime Standard listed since early October. The Cologne-based publishing house issued four million shares worth 7.50 Euros each, thus accruing 30 million Euros pre-tax. This capital injection will be used to orient the company towards content providing,  computerisation and internationalisation, as well as to move forward to purchasing publishing rights to works and authors in demand. The publishing house will remain prevalently in family hands, even after stock-exchange listing.

During the listing procedure, the company was obliged to lower the price margin and prolong the issue period. Furthermore, the volume of four million shares turned out to be insufficient. In 2011, prior to the IPO, Bastei Lübbe had issued a small-medium sized company bond on the Düsseldorf bourse with a volume of 30 million Euros and a coupon of 6.75%.

Alfmeier Präzision: spot landing

In early November, mechanical electronics company Alfmeier Präzision AG issued a five-year bond at 7.4% interest that raised 30 million Euros for the small- to ­mid-sized company, an issue that was already oversubscribed on the day of its placement.

Part of the revenue, notes Alfmeier, is earmarked to fund further growth; the company is turning to new markets with its so-called SMA or sharp memory alloy. Apart from the auto industry, that represents approximately 80% of company business, the new technology can be channelled towards the medical and telecommunication fields. The company is not seeking to make any acquisitions. This small- to mid-sized Bavarian manufacturer of extremely high precision components for fluid power technology and seating comfort is aiming to increase its turnover from the 200 million Euros of today, to 300 million in five years time.

MIFA Mitteldeutsche Fahrradwerke: uphill with the Bike-Bond

The bond issued by German bicycle manufacturer MIFA – Mitteldeutsche Fahrradwerke – AG has been traded in the Entry Standard of the Frankfurt stock exchange since early October. Previously, a five-year bond with a volume of 25 million Euros issued in August had been traded on the open market with a 7.5% rate of interest.

A MIFA communiqué asserts that the company is the biggest selling bicycle producer in Germany; its clientele is mainly comprised of retail chain stores and OEM clients. The company, based in Saxony Anhalt began producing electric bicycles in 2011.  It has produced under contract for an auto manufacturer, and has already manufactured a fleet of bicycles for a major German group.  Alfmeier’s sales are predominantly within Germany and the 2012 turnover was some 111 million Euros. The turnover percentage deriving from e-bikes doubled between 2011 and 2012 when it reached 30%.