DGAP-News: Knaus Tabbert AG / Key word(s): IPO
September 11, 2020
Leisure vehicle manufacturer Knaus Tabbert sets price range at €58.00 to €74.00 per share for its IPO
Jandelsbrunn, Germany. Knaus Tabbert AG, one of the leading manufacturers of recreational vehicles in Europe, today published the prospectus defining the terms and conditions for its initial public offering (IPO) and planned listing of its shares on the regulated market segment of the Frankfurt Stock Exchange (Prime Standard). The offering consists of existing shares from current shareholders HTP Investments 1 BV, Catalina Capital Partners B.V. and Palatium Beteiligungsgesellschaft mbH. In addition, there will be newly issued shares from a capital increase with expected proceeds of €20 million to €25 million. The price range was set at between €58.00 and €74.00 per share. The first day of trading for Knaus Tabbert shares is expected to be September 23, 2020.
"We have taken the next important step on the road to our planned IPO," says Wolfgang Speck, CEO of Knaus Tabbert AG. "The feedback to our growth strategy and to the planned expansion of our shareholder base has been very positive so far. In the next week, we will introduce our company to further potential investors and highlight our strong position as a leading manufacturer of leisure vehicles in the growing European market."
Company is well positioned to benefit from the growing demand for leisure vehicles
Knaus Tabbert is one of the top three European manufacturers in the booming market for leisure vehicles. During the first six months of 2020, the company generated about two thirds of its sales in Germany, the biggest European market. With its five established brands, the company is well positioned to benefit from the expected growing demand for motorhomes, caravans and van conversions in Europe.
Several long-term megatrends drive this development, such as a new work culture centred around flexibility, mobility and connectivity; increasing ecological awareness; the growing sharing economy that propels the rental industry; and an aging yet wealthy European population eager to remain active and explore the world. At the same time, younger consumers are increasingly attracted to this individual, ecologically friendly and active way of travelling and spending their leisure time. Moreover, the COVID-19 pandemic has further increased the already high popularity of regional and individual tourism.
Primary proceeds to accelerate growth
Knaus Tabbert AG intends to use the expected proceeds of €20 million to €25 million generated from the capital increase to accelerate the expansion of its production facilities, in particular for van conversions in Hungary expected to start in autumn 2021 and related investments. Moreover, it intends to continue executing its corporate strategy, including with the potential establishment of a new brand.
Price range would correspond to a market capitalization of €602 million to €768 million
The offer consists of 4,945,000 shares in total, of which 350,000 are new shares and 4,595,000 are existing shares from the holdings of the current owners including Over-Allotment Shares. The price range would correspond to a market capitalization of approximately €602 million to approximately €768 million for the company. Including the full exercise of the Greenshoe Options, the free float would be approximately 48 percent of all shares.
The company and the selling shareholders are subject to a standard six-month lock-up period, with the exception of Palatium, which is wholly owned by Knaus Tabbert's CEO Wolfgang Speck, in which case a twelve-month lock-up period applies.
The offer period will start on September 14, 2020 and is expected to end on September 22, 2020. Private investors (natural persons) in Germany may submit purchase offers for shares until 12:00 noon (CEST); institutional investors until 3 p.m. (CEST) of the last day of the offer period. The final offer price (the "offer price") and the final number of shares to be sold are expected to be determined on the basis of the order book on September 22, 2020. Trading of the shares of Knaus Tabbert on the regulated market (Prime Standard) of the Frankfurt Stock Exchange under the securities identification number (WKN) A2YN50, the international securities identification number (ISIN) DE000A2YN504 and the ticker "KTA" is expected to begin on September 23, 2020. The shares of Knaus Tabbert are qualified for dividends from January 1, 2020. Subject to the availability of distributable profits, the company intends to distribute around half of its annual net income as a dividend from 2021 onwards.
The German Federal Financial Supervisory Authority (BaFin) has approved the prospectus. The prospectus is available for download on the company's website: https://ir.knaustabbert.de.
Jefferies is acting as Sole Global Coordinator and Joint Bookrunner together with UniCredit Bank AG and ABN AMRO Bank N.V.
About Knaus Tabbert
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States of America, Australia, Canada, Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. This press release is neither an advertisement nor a securities prospectus and should not be relied upon in making any investment decision to purchase, subscribe for or otherwise acquire any securities. The information and opinions contained in this press release are provided as at the date of this press release, are subject to change without notice and do not purport to contain all information that may be required to evaluate the Company. No reliance may or should be placed for any purpose whatsoever on the information contained in this press release, or any other information discussed verbally, or on its completeness, accuracy or fairness.
This press release may contain forward looking statements, estimates, opinions and projections with respect to anticipated future performance of the Company ("forward-looking statements"). These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current views, expectations and assumptions of the management of Knaus Tabbert and involve significant known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Any forward-looking statements only speak as at the date of this press release. The Company undertakes no obligation, and does not expect to publicly update, or publicly revise, any of the information, forward-looking statements or the conclusions contained herein or to reflect new events or circumstances or to correct any inaccuracies which may become apparent subsequent to the date hereof, whether as a result of new information, future events or otherwise. The Company accepts no liability whatsoever in respect of the achievement of such forward-looking statements and assumptions.
This press release and any materials distributed in connection with this press release are not directed to or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
This press release and the information contained herein are for information purposes only and do not constitute a prospectus or an offer to sell or a solicitation of an offer to buy securities. The offer is made solely by means of, and on the basis of, a securities prospectus which has been published. An investment decision regarding the publicly offered securities of Knaus Tabbert AG should only be made on the basis of the securities prospectus. The securities prospectus has been published following approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin") and is available free of charge at Knaus Tabbert AG, Helmut-Knaus-Str. 1, 94118, Jandelsbrunn, Germany, and on the Knaus Tabbert AG website.
In any member state of the European Economic Area (other than Germany) and in the United Kingdom, this announcement is only addressed to, and is only directed at, "qualified investors" in that Member State within the meaning of Article 2 lit. (e) of the Prospectus Regulation (Regulation (EU) 2017/1129).
This press release is not an offer of securities for sale in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold or otherwise transferred, directly or indirectly, in or into the United States of America absent such registration, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. There will be no public offer of the securities in the United States of America.