HelloFresh SE, meal kit brand, said that it has set the price range for its shares in the planned initial public offering between 9.00 euros and 11.50 euros per share, corresponding to a pre-money equity value of 1.2 billion euros to 1.5 billion euros , based on about 132.4 million shares outstanding. The final offer price will be determined based on a book building process. The IPO will comprise a primary offering of 27 million new shares.
Subject to approval of the prospectus by the German Federal Financial Supervisory Authority (BaFin) and its publication, the offer period will begin on October 24, 2017 and is expected to end on November 1, 2017. The shares will be listed in the regulated market segment of the Frankfurt Stock Exchange (Prime Standard).
Proceeds from the capital increase and the Greenshoe Option will solely accrue to HelloFresh SE. Depending on the final offer price, gross proceeds from the IPO would amount to approximately EUR 243 to 311 million, and to a total of approximately EUR 279 to 357 million if the Greenshoe Option is fully exercised. HelloFresh SE intends to use the proceeds to finance continued investments into the company's growth strategy.
"We have seen tremendous success and market share gains in the US in the last few quarters. We now intend to use the proceeds from the IPO to continue expanding our market share and become the clear #1 player on the US market in 2018," said Dominik Richter, CEO and co-founder of HelloFresh SE. "I'd also like to reiterate our strategic goal to reach Adjusted EBITDA break-even on group level within the next 15 months."
Assuming that all new shares are placed and the Greenshoe Option is fully exercised, post-transaction free float will amount to up to 19 percent of HelloFresh SE's share capital.
HelloFresh SE noted that it intends to list its shares on the regulated market segment of the Frankfurt Stock Exchange with simultaneous admission to the Prime
Standard under the securities identification number A16140, the international securities identification number DE000A161408 and the trading symbol HFG. Trading in HelloFresh SE's shares is expected to commence on November 2, 2017.
For comments and feedback contact: editorial@rttnews.com
Business News