BRUSSELS (dpa-AFX) - IT security solutions provider cyan AG announced that it has priced its initial public offering at EUR 23.00 per share, at the upper end of the previously announced range of EUR 20.00 to EUR 23.00 per share.
At the set placement price, the cyan AG IPO was 2.7 times subscribed. All 1.38 million of the shares offered have been placed. The total placement volume, inclusive of the greenshoe option, totals some EUR 31.7 million.
cyan AG expects commence trading on the Frankfurt Stock Exchange's Scale segment on March 28, 2018.
The proceeds from this offering will primarily serve to finance the full acquisition of Cyan Security Group GmbH, which acts as a holding for the operational units of the cyan Group, and in which cyan AG currently owns a stake of 51%. Additionally, the proceeds shall also be used to realize organic and external growth potentials designed to strengthen the competitive position.
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