Kion flotation prepares for launch
Lift truck giant the KION Group is preparing for its initial public offering on the Prime Standard segment of the regulated market of the Frankfurt Stock Exchange.
The current principal shareholders, funds advised or controlled by Kohlberg Kravis Roberts & Co. L.P. and The Goldman Sachs Group, Inc, will remain invested. Strategic anchor investor Weichai Power Co., Ltd. will increase its stake in KION Group to 30% immediately prior to completion of the offering.
“The IPO of KION Group will enable investors to participate in a company with a global presence and a leading position within its sector which has steadily improved its profitability and operates in a market which is expected to grow faster than global GDP during the next years,” emphasised CEO Gordon Riske. “Following a record year in 2012, KION Group also made solid gains in the first quarter of 2013.”
The company to be listed is currently called KION Holding GmbH and will trade as KION GROUP AG.
The company could sell up to 25% of the company, in what would be one of Germany’s biggest flotations this year.
The sale that may value the whole company at around 2.5 billion euros.
