Paragon to sell 40% stake in Voltabox via IPO

Paragon to sell 40% stake in Voltabox via IPO

Germany’s Paragon said it will float 40% of its Voltabox battery systems stake on the Frankfurt stock exchange as early as this autumn.

Paragon said it plans to raise development funds for the business.Voltabox is to issue 5 million new shares plus a greenshoe option of 825,000 shares, with a further 500,000 shares to come from Paragon’s holdings, Paragon and Voltabox said.The companies did not say how much the initial public offering (IPO) is expected to

According to Reuters, the companies did not say how much the initial public offering (IPO) is expected to raise.Voltabox, the customers of which include carmaker

Voltabox, the customers of which include carmaker BMW , brake systems business Knorr-Bremse and industrial robots maker Kuka, makes lithium-ion-based battery systems used in electric forklifts, mining vehicles and trolley buses.It said it sees opportunities in agricultural markets, construction vehicles and municipal utility vehicles.

It also plans to expand into performance electronics and electric engines.The business generated 10.6 million euros ($12.7 million) in sales in the first half of 2017 but said it had an order backlog of more than 800 million euros.