Stroer returns to capital markets following successful IPO launch
Ströer Out-of-Home Media AG, the family-controlled provider of outdoor advertising, has returned to the capital markets following the announcement of its IPO last month.
The Germany-based business said on Monday that it expects to raise €12.8 million from the issue of 640,000 new shares.
A spokeswoman told campdenFB.com that the principal reason for the offering was to accelerate Ströer's growth. "The proceeds are earmarked for strategic acquisitions, product innovations and the optimisation of Ströer's capital structure," she said.
The new issue was made possible after the company exercised a provision in its IPO, know as a Greenshoe option, that enables it to sell more shares than originally planned.
The initial offer, which was unveiled last month and raised €275 million, was quickly oversubscribed.
Stroer was co-founded by the late Heinz Stroer. His son Dirk sits on the supervisory board and holds 28% of the company.
In 2009, Stroer has revenues of €469.8 million, down 4.8% on the previous year.
Picture: Stroer's headquarters
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