Manufacturing equipment firm Manz AG has raised around €26.9 million (US$36.6 million) in through an increase in cash capital, to be used for the ‘internal and external growth of the company’. The company announced this morning that the drive, began yesterday, 27 November, was now completed.
Under an accelerated bookbuilding, qualified investors were offered a total of 448,005 new shares at a set placement price of €60 (US$81.60) per share. This results in gross proceeds of increased cash capital held by the company of €26.9 million (US$36.6 million).
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Manz AG has confirmed that some of the newly added cash proceeds will be invested in the company’s battery business including potential acquisitions. In addition to its solar and display business divisions, Manz AG is currently involved in the manufacturing processes of lithium-ion batteries, as used in electric vehicles.
Capital stock as listed in the company’s balance books increased by the number of shares offered, at a nominal value of €1 each, from €4,480,054 to €4,928,059.
Private bank Bankhaus Lampe acted as sole bookrunner for the offering. The new shares will carry dividend rights from 1 January 2013 and will be included in the quotation of shares in the company’s listing on the Frankfurt Stock Exchange on 2 December this year. Earlier this month, Manz AG revealed that it was expecting to hit record revenue levels of between €260 million (US$348 million) and €270 million (US$362 million) and a positive EBIT, mainly due to strong revenue growth in its display division.