UPDATE 1-Dutch IT company Tulip plans to list German DEVIL
May 2nd, 2008 | by admin |(Adds details from IPO prospectus)
FRANKFURT, May 2 (Reuters) - German information technologyhardware and software supplier DEVIL AG is planning an initialpublic offering (IPO) of shares worth up to 34.2 million euros($53 million), the company said on Friday.
DEVIL will offer up to 2.85 million shares, of which 2.5million are new shares and the rest will be an over-allotmentoption of shares held by the company’s current main owner, DutchTulip Computers NV (TULN.AS: Quote, Profile, Research), according to the IPO prospectus.
Bookbuilding was scheduled to begin on May 8 and end on May14 and the shares would likely be listed on the Frankfurt stockexchange on May 20, DEVIL said.
The company intends to expand by using the IPO proceeds tobuy other companies, it said in a statement.
“This will enable us to create synergies in our operatingbusiness and to tap additional profitable client groups,”DEVIL’s chief executive Axel Grotjahn said in the statement.
If all shares on offer were sold, the free float of readilytradeable shares would be 38 percent. DEVIL’s IPO prospectussaid the company hoped to raise between 22.8 million euros and34.2 million in the offering, which is lead-managed by quirinbank AG.
At the midpoint of that range the issue price would be 10euros per share.
DEVIL had revenue of 321.9 million euros in fiscal 2007, up5.8 percent year-on-year. Earnings before interest and tax roseto 2.0 million from 0.7 million.
DEVIL’s product range includes components such as graphiccards and memory chips as well as notebooks and printers. Itgenerates 90 percent of its revenue in Germany but wants toexpand elsewhere in Europe. (Reporting by Peter Starck; Editing by David Holmes)
