German private equity firm has completed its sixth exit of the year with the successful stock market debut of portfolio company, Steyr Motors, in the Scale segment of the Frankfurt Stock Exchange under the ticker symbol 4X0.
The first quotation was €15.90 per share, giving the business a market capitalisation of €82.7m at the start of trading, after 1,110,000 new and existing Steyr Motors shares were placed with institutional investors in a private placement at a price of €14.00 per share. With a total placement volume of €15.5m, Mutares generated gross proceeds of €12.7m.
Mutares will remain the majority shareholder of Steyr Motors, one of the world’s leading companies in the development and production of customised high-performance engines, with a 70.9% stake in the business.
As part of the private placement, B&C Holding Österreich GmbH (B&C Group) acquired a 9.9% stake in Steyr Motors at the placement price following the capital increase.
Steyr Motors’ engines are primarily used as the main propulsion in special military vehicles, boats and as auxiliary power units (APU) for tanks and locomotives. The business generates around 60% of total sales from defence applications, including “ribcraft” boats for the US Navy Seals and as APUs in the Leopoard 2 and other tanks.
