NAfter the caravan manufacturer Knaus Tabbert announced its intention to go public, the next concrete candidate for the floor announced its IPO intention on Tuesday: the armaments manufacturer Hensoldt. The F.A.Z. had reported last week that the company would publish its “Intention To Float” (ITF) from next week – and after Labor Day in America. This declaration of intent is the official starting signal for an IPO. The time window for this is de facto open until around mid-October, investors do not want to get too close to the presidential election in America.
As Hensoldt announced on Tuesday, the shares offered to investors should come from the holdings of the main owner KKR. In addition, the company from Taufkirchen wants to collect fresh money by issuing new shares from a capital increase in order to finance growth and strengthen the balance sheet.
The holding company KKR, which Hensoldt acquired in 2017, originally wanted to put the company on the stock exchange in the first few months of the year, but interrupted the process because of the Corona crisis. Now the mandated banks are active again. According to insiders, these are lead by Bank of America, Deutsche Bank and JP Morgan. Citi and Commerzbank appear to play other roles.
In 2019, Hensoldt achieved a good 1.1 billion euros in sales and 216 million euros as adjusted earnings before interest, taxes, depreciation and amortization (Ebitda). At about this level, the Ebitda for the current year can be expected, say those in the know. Investors should use the British Ultra Electronics as a listed comparative value. If it is currently valued at twelve times the Ebitda, an “IPO discount” must also be taken into account, ie a discount for the investors who should get an entry price with the initial public offering.
As was heard before the official IPO announcement, the armaments company should be valued at well over two billion euros. According to reports, KKR wanted to bring more than a quarter of the shares onto the market. It was said that there will probably be a small capital increase. The investor and the banks had always declined to comment on the issue before the IPO was announced.
The caravan manufacturer Knaus Tabbert also announced its intention to jump onto the capital market last week. What has changed as a result of the Corona crisis is the schedule of many candidates. They can now implement their plan in a hurry, following the example of the coffee supplier JDE Peet’s, who took less than two weeks from the ITF to the IPO. The advantage is that the reaction time to a market high is no longer that long. So far, four weeks have been the standard: two weeks each for the presentations to investors and a preceding pre-marketing phase.