Sif Re-Launches IPO Plans

Dutch foundation components manufacturer Sif Holding N.V. has revived its plans for the Initial Public Offering (IPO) on Euronext Amsterdam, with up to 35% of the company’s issued ordinary shares held by GKSE Holding B.V. scheduled to start trading on 12 May.

Sif and GKSE Holding had initially scheduled the IPO for 12 February 2016, which was postponed due to ”deteriorated and volatile capital markets.”

The indicative price range for the offering is set at EUR 14, valuing Sif at a post IPO equity value of EUR 357 million. The prices were valued at between EUR 14 and EUR 17 back in February.

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. In addition, the placement will include an over-allotment option of up to an additional 800,000 shares, 400,000 shares less compared to the offering announced in February.

The placement is expected to bring the company up to EUR 123 million.

The offer is limited to private placements to certain institutional investors in the Netherlands and various other jurisdictions.

The indicative price range in February valued the shares at between EUR 14 and EUR 17. The new offering size has also changed.

“In readying Sif for the future, listing and trading on Euronext Amsterdam is an important and logical next step,” Jan Bruggenthijs, CEO of Sif, said.

”It will strengthen our business profile and provide us with additional financial flexibility through access to capital markets to support our growth ambitions. On 11 February 2016, we announced the postponement of our IPO due to high levels of uncertainty in global capital markets and unfavourable equity market conditions. In the meantime, we have kept a close eye on the financial markets’ developments. The level of interest we received from the investment community was and is encouraging and we look forward to further elaborate on our ambitious plans as a market leader in monopiles.”

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