With Noratis AG (ISIN: DE000A2E4MK4), a further company has been listed in the new SME segment Scale at the Frankfurt Stock Exchange. The issue volume of the IPO was €17.25 million. The first price was €18.75, the issue price €18.75.
The IPO was accompanied by ICF Bank, which is also acting as a designated sponsor for Xetra trading and as the specialist on the Börse Frankfurt venue.
According to information provided by the company, Noratis AG is a portfolio developer of residential real estate. The company located in Eschborn near Frankfurt acquires properties with development potential across Germany, mostly housing estates, employee housing and quarters from the 1950s to 1970s in cities with more than 10,000 inhabitants or on the outskirts of urban areas. After acquisition, Noratis performs an intensive value enhancement of the properties and subsequently sells them in block sales or individually as condominiums. Since 2014, Noratis has successfully completed 14 projects with more than 1,300 residential units. In fiscal year 2016, the company generated revenues of €44.6 million.
