Noerr advises on successful IPO of Veganz Group AG on Frankfurt Stock Exchange

10.11.2021

Acting as transaction counsel, Noerr has advised Veganz Group AG (“Veganz Group”) and the syndicate banks involved in the IPO, M.M.Warburg & CO and Quirin Privatbank, on the first initial public offering by a vegan food manufacturer on the Frankfurt Stock Exchange (Scale segment). The shares in Veganz Group have been trading on the Frankfurt Stock Exchange since 10 November 2021.

In the course of the IPO, all 547,120 no-par value bearer shares offered were placed with international institutional and private investors at a price of €87.00 per share, corresponding to an initial market capitalisation of some €106.4 million for Veganz Group. The placement comprised 388,733 new shares from a capital increase and 158,387 existing shares from the holdings of certain shareholders, including 71,363 shares in connection with an over-allotment option (“Greenshoe option”). Upon completion of the IPO, the expected free float will amount to around 67%, assuming full exercise of the Greenshoe option.

The total value of the IPO is approximately €47.6 million. The gross issue proceeds accruing to Veganz Group amount to around €33.8 million. Veganz Group plans to use the net issue proceeds from the IPO primarily for the establishment of its new production site near Berlin as well as investments in further organic and inorganic growth.

A Noerr team under the remit of Laurenz Wieneke and Julian Schulze De la Cruz advised on the capital market law aspects of the IPO. Goodwin Procter cooperated closely with Noerr, advising on the corporate law aspects under the lead of Markus Käpplinger.

Noerr recently also handled the IPO of Mr. Spex for a number of international investors and advised Borussia Dortmund GmbH & Co. KGaA on a rights issue and Mutares SE & Co. KGaA on a rights issue with a subsequent up-listing to the regulated market (Prime Standard) of the Frankfurt Stock Exchange.

Advisors to Veganz Group: Noerr Partnerschaftsgesellschaft mbB

Dr Laurenz Wieneke, Dr Julian Schulze De la Cruz (joint lead), Dr Dominik Kloka (all Capital Markets, Frankfurt), Dr Jens H. Kunz (Banking Regulatory, Frankfurt)

Associates: Dr Philip Schmoll, Dr Dirk Buken, Thomas Thies, Jens Göb, Dominique Stütz (all Capital Markets, Frankfurt)