Gleiss Lutz has advised a consortium lead by Citigroup und COMMERZBANK as Joint Global Coordinators on the initial public offering of AKASOL AG. Bankhaus Lampe acted as Joint Bookrunner.
AKASOL is a leading German manufacturer of high-performance lithium-ion battery systems for buses, commercial vehicles, rail vehicles, industrial vehicles, marine and stationary applications.
In the period from 18 June 2018 until 27 June 2018, 2,433,041 shares in total have been placed in a public offering in Germany and Luxembourg as well as in private placements in further jurisdictions (including an offering to qualified institutional buyers in the United States) by way of a bookbuilding procedure at the offer price of EUR 48.50 per share. Thereof, 2,061,856 are newly issued shares from a capital increase and 371,185 shares are from the holdings of the selling shareholders, including 221,185 shares to cover over-allotments ("Greenshoe Option"). Assuming full exercise of the Greenshoe Option, total gross proceeds will amount to approx. EUR 118 million, approx. EUR 100 million of which will be received by AKASOL by way of the capital increase.
Trading in the shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange is expected to commence on 29 June 2018. The securities prospectus of the Company for the public offering and the stock exchange admission of the shares, which has been approved by the Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) and has been notified to the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg on 15 June 2018, is available under www.akasol.com.
The Gleiss Lutz team acting for the consortium consisting of the Joint Global Coordinators Citigroup and COMMERZBANK as well as Bankhaus Lampe as Joint Bookrunner comprised: Dr. Stephan Aubel (lead, partner), Alexander Gebhardt, Jan-Rasmus Roßkamp, Dr. Walter Andert (all corporate and capital markets), Dr. Stefan Mayer (partner) und Dr. Ocka Stumm (both tax, all Frankfurt).
Regarding the advice on the offering in the United States, Gleiss Lutz cooperated with the London based capital markets team of US-law firm Proskauer Rose LLP, led by Peter Castellon.
Inhouse, Citigroup was advised by Christopher Hegan (legal, London) and COMMERZBANK was advised by Dr. Bernd Singhof and Dr. Christian Wagner (both legal, Frankfurt).
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