BERLIN, July 19 (Reuters) – Shares in German car interiors supplier Novem made its Frankfurt stock market flotation on Monday, opening flat at 16.50 euros per share.
Novem had priced its shares at the bottom of the 16.50-19.50 euros per share marketing range on low demand from investors.
The Dutch Brenninkmeijer family, best known for its fashion retailer C&A, owns Novem through its Bregal Unternehmerkapital fund and sold part of its shareholding, having pulled an initial attempt to exit in 2019.
The company said 50 million euros of the money raised will be used to improve its capital structure. Net debt stood at 243 million euros at the end of 2020.
Novem Chief Executive Guenter Brenner last month said that the flotation would also open up new business opportunities as Chinese carmakers step up production of premium vehicles, bringing an expected surge in demand for Novem’s products. ($1 = 1.1805 euros) (Reporting by Riham Alkousaa)