Gemany’s Exyte to raise $1.13 billion in September IPO


German chip factory builder, Exyte, said it will list its shares on the Frankfurt Stock Exchange via an initial public offering, IPO.

The IPO which is planned to raise about $1.13 billion in September.

According to Reuters News, the company’s owner, Austrian entrepreneur Georg Stumpf, is seeking a valuation of 2.5-3 billion euros for Exyte, and is expected to sell 25-30 percent of the shares. No new shares are expected to be issued, they added.

Exyte, which was formerly known as M+W Group, declined to comment and Stumpf was not available for comment.

Bank of America and UBS are acting as global coordinators of the IPO with the help of bookrunners Commerzbank and Credit Agricole, the sources said, adding that Exyte will likely announce its intention to float in September.

Exyte builds sites for the semiconductor industry – including so-called cleanrooms with ultra-clean air crucial for silicon wafer production. Its other customers include firms active in electronics, chemicals and pharmaceuticals, energy and information technology.

The company employs 4,800 staff and is headed by former Linde Chief Executive Wolfgang Buechele. In 2017, it generated earnings before interest and taxes (EBIT) of more than 100 million euros on sales of 2.4 billion euros.

This year, Exyte is expected to post an EBIT of roughly 150 million euros and could be valued at up to 20 times that in a potential deal, one of the sources said.