Stemmer Imaging has issued shares priced at €34 on the Frankfurt Stock Exchange, which rose to €36 in the opening morning of trading. The firm announced plans to be listed on the German stock exchange last month.
In total 2,990,000 shares were placed, generating €51 million from the initial public offering (IPO).
The IPO consisted of 1,500,00 shares from a capital increase, 1,100,000 shares from the sole shareholder, as well as a greenshoe option of 390,000 shares, also from a reallocation of existing shares.
‘The successful IPO is an important milestone for us and basis for an ambitious growth strategy,’ commented Christof Zollitsch, CEO of Stemmer Imaging. ‘Stemmer Imaging has excellently positioned itself in an exciting future market. With the proceeds of the IPO we now want to build on this successful development and implement our expansion and innovation plans. We are excited to continue our growth story as a now listed company.’
The issuing proceeds of €51 million shall primarily be used to strengthen Stemmer Imaging’s competitive position in both the European and Asian markets. Furthermore, the issuing proceeds shall also be used for the development of new types of products, solutions and services in the area of image processing, such as the company’s image processing software Common Vision Blox, as well the firm’s engagement in future cooperations and acquisitions.
The firm's new developments will also target the increasing use of embedded vision solutions, as well as the linking of image processing systems to IT systems and processes.
The shares of Stemmer Imaging carry the international securities identification number (ISIN) DE000A2G9MZ9 and the German securities code (WKN) A2G9MZ. Hauck & Aufhäuser bank has been acting as sole global coordinator and sole bookrunner for the IPO.