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IPO / ROUNDUP 2: Motorhome manufacturer Knaus Tabbert earns less than hoped | message


(new: prices updated in 3rd paragraph, stabilization message from Jefferies in 3rd paragraph.)

JANDELSBRUNN (dpa-AFX) – The mobile home manufacturer Knaus Tabbert has just made the leap to the stock exchange. The issue price was set at 58 euros and thus at the lower end of the range, as the company announced on Wednesday morning in Jandelsbrunn.

The owners, especially the Dutch investment company HTP, had only announced on Tuesday that they would sell significantly fewer shares than planned. Including the over-allotment, the existing shareholders have now given up 3.65 million shares. There were also 350,000 new shares from a capital increase. This brings the proceeds from the IPO to 232 million euros. That corresponds to a market capitalization of 602 million euros.

The first price of the mobile home manufacturer was 58 euros, exactly at the set price at which the shares were issued. As a result, they then climbed briefly above 59 euros, but at last they were only just up again at 58.20 euros. The accompanying US investment bank Jefferies had previously announced that it would intervene in a stabilizing way, as is customary with stock exchanges, should the selling pressure become too strong.

After the IPO, HTP and CEO Wolfgang Speck will hold 61.5 percent of the Knaus-Tabbert shares; the free float will then be 38.5 percent. Originally, the Dutch had given up around 48 percent of the shares and wanted to raise a total of up to 366 million euros with the placement.

The company will now receive 20.3 million euros from the capital increase, which will be used to expand production. Above all, the production of panel vans in Hungary is to be expanded from autumn 2021.

Knaus Tabbert expects a lot from an increasing demand for recreational vehicles. The industry experienced a boom, especially in the Corona crisis with many travel restrictions. The company is headquartered in Jandelsbrunn in Lower Bavaria. With the brands Knaus Tabbert, T @ B, Weinsberg, Morelo and the rental platform Rent and Travel, the company achieved sales of over 780 million euros last year. With around 3000 employees, over 26,000 recreational vehicles were produced./zb/men/tav/jha/

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