SALZWEG (dpa-AFX) - Shares in the planned initial public offering of Electrovac AG are to be offered at a price range of 7.80 to 10.20 euros. The specialist in hermetic packaging announced the details on Wednesday in Salzweg. The company is seeking a listing on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, with the first day of trading expected to be April 30.
A total of up to 4.76 million shares are to be placed between April 17 and an expected date of April 27. These shares will originate from a capital increase as well as from the holdings of the existing shareholder, Electrovac Holding AG. The company intends to use the proceeds from the IPO to accelerate the expansion of its international production capacities. Based on the midpoint of the price range, net proceeds from the newly issued shares would amount to approximately 30 million euros, according to the statement.
Headquartered in Salzweg, Electrovac AG describes itself as a specialist in hermetic housing, manufacturing advanced glass-to-metal seal products designed to protect safety- and system-critical electronics. The company employs approximately 550 people across four production sites in Germany, Austria, and Thailand. It supplies around 250 customers, including those in the aerospace and defense industries./tav/jha/
