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DARPA awards Phase 2 SBIR contract for HEV motorcycle prototype
January 20, 2015 By Neville -
Report: Hyundai to cut price of FCV in Korea to compete with Toyota
January 20, 2015 By Neville -
Nissan LEAF is best-selling EV in Europe for fourth year in a row
January 20, 2015 By Neville -
Ford of Europe designer Stefan Lamm joins VW’s Seat brand
January 20, 2015 By Sean -
Ford’s German production to raise as demand rebounds
January 20, 2015 By Sean
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Headlight maker Hella to raise €278 million in IPO
Family-owned German headlight maker Hella said today it would raise €278 million ($349.4 million) in a stock market flotation to fund international expansion and innovation.
Hella has placed about 11.1 million shares with institutional investors at €25 apiece, in a move that it said would open the door to a listing on the Frankfurt stock exchange.
Trading in its shares is expected to start on Nov. 11.
“We aim to expand our international footprint and invest in innovation in order to offer clients around the world even better solutions,” Hella CEO Rolf Breidenbach said in a statement.
In addition, there are plans for a further private placement of up to 5.75 million shares from the holdings of family shareholders, Hella said, adding that the company would remain majority controlled by the current owners.
The family is to retain control of 85 percent of Hella shares in the short term and 60 percent through at least 2024, Hella said.
Bankhaus Lampe and Citigroup have been mandated to manage the flotation and the accompanying private placements as joint global coordinators and joint bookrunners.
In June, Reuters reported that Hella was considering listing its shares on the stock market.