DThe Augsburg-based tank transmission manufacturer Renk is aiming to return to the stock market. The company announced on Tuesday that its goal is to go public by the end of 2023, depending on market conditions. Typically, there is a gap of around four weeks between the official announcement of an initial public offering (IPO), known as the Intention To Float (ITF), and the first day of trading.
A stock market debut could potentially occur by mid-October. Susanne Wiegand, CEO of Renk, stated that this would be the next logical step in their growth trajectory. The plan is to have a public offering in Germany and private placements with institutional investors in other countries.
The financial investor Triton, who acquired Renk three years ago, intends to divest from existing shares but still maintain majority ownership in Renk after the IPO.
After 23 years, they are returning to the stock market.
The initial public offering is being led by Citigroup, Deutsche Bank, and JP Morgan. This is Renk’s second IPO after a century: The company was listed on the stock market from 1923 to 2020 before being acquired by Triton.
Renk erlebt derzeit eine Sonderkonjunktur. 70 Prozent macht das Rüstungsgeschäft mit Getrieben für Panzer oder Schiffe für die Marine aus, der Rest entfällt auf ziviles Geschäft etwa mit Getrieben für Kompressoren.
Die ehemalige MAN-Tochter, Weltmarktführer bei Panzergetrieben, war vor drei Jahren von Volkswagen für 700 Millionen Euro an den Finanzinvestor Triton verkauft worden. Banker hatten zuletzt die mögliche Bewertung auf 2,5 Milliarden Euro taxiert.
In the first half of the year, Renk increased its revenue by 7.9 percent to 410 million euros, while the adjusted operating profit climbed by 5.5 percent. In 2022, the company earned 144.3 million euros with a revenue of 849 million euros. For the current year, revenues of 900 million to one billion euros are expected, with a profit margin of 16 to 17 percent. In the medium term, revenue is expected to grow by ten percent and the profit margin to increase to 19 to 20 percent.
Börsengänge kommen seit längerem nicht so richtig in Gang. In diesem Jahr stach in Deutschland bisher Nucera hervor. Der Industriekonzern Thyssenkrupp hatte seine Wasserstoff-Tochter im Juli an die Börse gebracht. Die Emission brachte gut 600 Millionen Euro ein. Die Parfümeriekette Douglas plant Insidern zufolge eine mögliche Rückkehr an die Börse. Auch der Pharma-Zulieferer Schott strebt noch in diesem Jahr ein Börsendebüt an.