Dutch foundation components manufacturer Sif Holding N.V. has today announced the indicative price range and offer size for its planned initial public offering (IPO) on Euronext Amsterdam, with listing of and first trading in the shares under the symbol SIFG expected on Friday, 12 February.
The IPO consists of a secondary offering only of up to approximately 36% of Sif’s issued ordinary shares by GKSE Holding B.V.
“The launch of our IPO today and the anticipated listing is an important and logical next step in readying Sif for the future. It will strengthen our business profile and provide us with additional financial flexibility through access to capital markets to support our growth ambitions. As a trusted partner to a large customer base, we have a very strong exposure to the high growth offshore wind market. Also we have maintained a strong market leading position in offshore oil & gas industry for the North Sea region, particularly in heavy weight foundation components,” Jan Bruggenthijs, CEO of Sif, said.
The indicative price range for the offering is set at between EUR 14.00 and EUR 17.00 per ordinary share, valuing Sif at a post IPO equity value of EUR 357 to EUR 434 million.
The offering will consist of a secondary offering only, of up to 8 million shares by GKSE , representing approximately 31% of Sif’s ordinary shares, excluding the over-allotment option. Post IPO, Sif’s total share capital will consist of 25,501,356 ordinary shares.
In addition, the offering will include an over-allotment option of up to an additional 15% of the total number of offer shares, representing up to 1.2 million shares, issued and transferred in the offering. The over-allotment option consists of existing shares only. Assuming full exercise of the over-allotment option following the closing of the offering, the offered shares will represent approximately 36% of the total issued share capital of the company.
Within the price range, the offering will amount up to EUR 112 – EUR 136 million excluding the over-allotment option, and up to EUR 129 – EUR 156 million assuming full exercise of the over-allotment option.
The offering will be made to institutional and retail investors in the Netherlands and to certain institutional investors internationally. There will be a preferential allocation to eligible retail investors in the Netherlands.
The offer and subscription period for both institutional and retail investors has commenced at 9:00 CET February 1. The end of the offering period is expected at 17:30 CET on 10 February for retail investors, and at 14:00 CET on 11 February for institutional investors.
The final offer price and determination of the exact number of offer shares is expected to be announced, and allocation is expected to take place on or about 11 February.
”The positive feedback and level of interest we received from the investment community is very encouraging and we look forward to meeting investors and sharing our ambitious plans as a first mover and market leader in monopiles. We believe we offer investors a unique proposition based on this anticipated growth,” Bruggenthijs said.