Fortune 500 Global

FRANKFURT. The chemical distributor, Brenntag is at its IPO, which for 29 March is planned, safe. Was a few weeks ago, the talk of rumors in market that will occur in the issuance of up to two thirds of the volume from the ownership of existing shareholders, so the share is now in the official offer significantly shrunk. From those offered), including over-allotment option (greenshoe 14.95 million shares, only 4.45 million are papers from the fund Bracher (DE000A1DAHH0).

The vast number of 10.5 million papers comes from a capital increase. At an issue price from 46 to 56 euros the Mülheim companies between 483 and 588 million to flow. From a revenue of 500 million euros plus X was already weeks before the speech. "Our major shareholder has been shown to joining Brenntag always very responsible," said CEO Stephen Clark only in very general terms about the current offer.

Brenntag believes it is the world leader in chemical distribution. Thus, the company was founded in 1874 is a connecting link between the major chemical producers and well 150,000 people worldwide. Brenntag, the chemicals and packaged mixes them into consumer-friendly sizes. 10,000 products belong to the assortment.

As the market for chemical distribution is extremely fragmented world, Brenntag is sufficient for the moment, a proportion of 6.9 percent, to stand unchallenged in the first place, followed by the two US-based Univar (6 percent) and Ashland (2.8 percent). The customers come from completely different sectors such as pharmaceuticals, Oilfield, out of fashion or the Building.

The proportion of freely tradable shares will be after the IPO from 25.2 to 29 percent. That depends on whether the investor demand is so great that the greenshoe is exercised. Despite this rather low percentage is likely to-date with any inclusion in the MDAX, are representing the 50 medium values, in the months ahead, preclude very little.

On the part of investors, in which the management was already in the past few weeks on road show, the reactions are quite favorable. Because the current market situation, however, plays more of the buyers in the maps, exercises one there officially in reserve. Briefings praises of some fund managers, however, the soundness of the business, the clear debt and the vast experience of many years of management.

With the proceeds from the IPO for an expensive mezzanine loan of 400 million euros is to be replaced. "We have to pay these debts, although only in 2016 back to a premature detachment would reduce our interest expense significantly, however," said Chief Financial Officer Juergen Buchsteiner.

Tags: brenntag, tradable shares, chemical producers, medium values, investor demand