BERLIN (dpa-AFX) - Sixt Leasing AG, a 100% subsidiary of the international mobility service provider Sixt SE, said that it expects to price its initial public offering between 17.90 euros and 21.30 euros per share.
The respective prospectus for the public offering and the admission to trading of the shares of Sixt Leasing AG was approved today by the German Federal Financial Supervisory Authority.
The Offering comprises a total of up to 12.37 million shares in Sixt Leasing AG, consisting of up to 5.59 million new shares from a cash capital increase and up to 5.17 million existing shares from the holdings of Sixt SE as well as up to 1.61 million additional existing shares from the holdings of Sixt SE to be offered as a potential overallotment.
The offering period will start on 27 April 2015 and is expected to end on 6 May 2015. The shares of Sixt Leasing AG will be admitted to trading on the regulated market of the Frankfurt Stock Exchange (Prime Standard). The start of trading is planned for 7 May 2015.
Sixt Leasing AG said it intends to reduce its current external financial liabilities with the proceeds from the IPO to strengthen its capital base and thereby creating financial leeway for continued growth and a further increase in profitability due to lower interest costs. Further to the raising of new equity by Sixt Leasing AG through the placement of new shares from the capital increase with investors, Sixt SE will also in the course of the IPO inject equity by way of a cash contribution into the capital reserves of Sixt Leasing AG in the amount of EUR 30 million.
Sixt Leasing AG comprises all of Sixt Group's activities in the fleet leasing, fleet management and online retail leasing businesses. As previously announced, Sixt SE intends to reduce its participation in Sixt Leasing AG to below 50% through the IPO but to hold a participation after the IPO of at least 40%.
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