Gleiss Lutz has advised Goldman Sachs as shareholder of windeln.de, an online retailer of baby items, on windeln.de’s IPO. Based on the issue price for the shares offered as part of the IPO, the total offer volume amounted to approx. € 211 million.
A total of 11.4 million shares were placed, made up of 5.4 million newly issued ordinary shares from a capital increase, 4.5 million ordinary shares from the holdings of the selling shareholders and approx. 1.5 million ordinary shares from an over-allotment. Existing shares were borrowed from certain selling shareholders as part of the over-allotment, and may be settled with newly issued shares from the company (greenshoe option).
All existing key shareholders remain invested in the company. Subject to the condition that the greenshoe option is exercised in full, approx. 42 percent of the company’s share capital will have been placed following the IPO.
windeln.de was established in late 2010 in Munich, generating gross sales of approx. EUR 130 million in financial year 2014. The company is thus one of the leading online retailers of baby items in Germany, Austria and Switzerland.
Goldman Sachs was advised by the following team of Gleiss Lutz lawyers: Dr. Jan Bauer (Frankfurt), Dr. Jan Balssen (Munich, both lead, partner, corporate/M&A), Dr. Stephan Aubel (partner, capital markets, Frankfurt), Dr. Jochen Tyrolt (partner, corporate/M&A, Stuttgart), Jan-Rasmus Roßkamp (capital markets, Frankfurt).
Gleiss Lutz previously advised Goldman Sachs on its investment in windeln.de in January 2015, and also counselled the investment bank on its acquisition of a stake in online eyewear retailer Mister Spex.
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