UPDATE 2-Manz Automation raises 112 mln euros new capital
(Adds comment from bank)
ZURICH, July 2 (Reuters) - Manz Automation (M5ZG.DE) raised 112 million euros ($176.8 million) in its second capital increase since it went public in 2006, attracting strong demand from investors in Germany and Switzerland.
The German company, a maker of automation systems for solar production equipment, sold 896,011 new shares for 125 euros each, the joint-lead manager of the transaction, Commerzbank (CBKG.DE), said in a statement on Wednesday.
The take-up rate of the one-for-four rights offer was 99.2 percent. The book of rights not taken up by existing share holders was three-times oversubscribed, Commerzbank said.
"The sector is en vogue," said Oliver Bruch, head of equity syndicate at Commerzbank.
Consistently high returns of renewable energy companies were attractive for investors at a time when global equity markets battled the effects of a credit crisis stemming from problems in the U.S. mortgage market.
"Overall equity issuance, such as initial public offerings and secondary offerings are still difficult," said Bruch.
The strongest demand came from German speaking countries, mainly Swiss and German accounts, the bank said, mainly from social responsibility investments and long-only funds.
Manz shares, which are now trading in Deutsche Boerse's (DB1Gn.DE) prime standard segment from where they can move into one of the German indexes, were trading lower, down 1.2 percent at 156.50 euros by 1337 GMT. (Reporting by Eva Kuehnen; Editing by Will Waterman and Erica Billingham)
- Tweet this
- Share this
- Digg this
- In his native Alabama, Apple CEO's announcement he is gay prompts discomfort for some
- Kurdish peshmerga forces enter Syria's Kobani after further air strikes
- SEBI piles pressure on Sahara to sell overseas hotels
- China expresses concern about Indian plan to build border posts
- Judge rejects strict limits on U.S. nurse who treated Ebola patients
Shares Hit Record
The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro. Full Article
China's shadow banking sector growing rapidly, third largest in world - FSB. Full Article