FRANKFURT (Reuters) - German battery group BMZ is preparing for a Frankfurt stock market listing as early as September with a targeted valuation of about 2 billion euros ($2.4 billion), sources close to the matter told Reuters.
BMZ is working with Citi, JP Morgan and Berenberg on the initial public offering (IPO), which will sell shares worth about 500 million euros, the sources said.
In 2020 the company posted revenues of about 400 million euros and expects significant growth this year, catching up on some projects that were delayed by the COVID-19 pandemic.
BMZ, based in Karlstein near Frankfurt, takes 300 million battery cells each year to assemble battery systems for industrial clients such as forklift maker Kion, medical device maker Philips and gardening tools maker Stihl.
Europe’s largest battery system maker was founded by entrepreneur Sven Bauer in 1994 and now employs about 3,000 staff at seven sites in Europe, the United States and Asia.
JP Morgan, Berenberg, Akasol, Sven Bauer
Reuters, Citi, Philips
FRANKFURT, Frankfurt, Karlstein, Europe, United States, Asia