GSW Immobilien AG (ISIN: DE000GSW1111) joined the Prime Standard of the regulated market on the Frankfurt Stock Exchange on 15 April. A total of 24.6 million no-par value ordinary bearer shares were offered in the IPO. GSW receives gross proceeds of approximately €115 million from the issue. The issue price was €19.00 and the initial listing price €19.55. Deutsche Bank and Goldman Sachs International are lead managers.
“In terms of the offered volume, this IPO is the largest in 2011,” said Frank Gerstenschläger, member of the Executive Board of Deutsche Börse AG and responsible for the Xetra business area. “We are pleased that GSW Immobilien AG has selected the Prime Standard as transparency segment. In doing so, it joins around 350 companies that meet the highest transparency requirements, and visibly position themselves to national and international investors.”
“The IPO gives us permanent access to additional equity, with which we intend to realise our growth plans,” said Thomas Zinnöcker, Chairman of the Board of Management of GSW Immobilien AG. “Moreover, the successful refinancing of a securitised loan means we are financed at attractive conditions for the long term. We will thus be largely independent of potential interest rate fluctuations in the next few years.”
GSW Immobilien AG is a privately financed residential real estate company in Berlin.
New entrants to the Frankfurt Stock Exchange in 2011 per segment: Prime Standard 6, General Standard 4, Entry Standard 7, Open Market 77.