FRANKFURT, March 24 (Reuters) - German engineering group Aumann rose 15 percent in its stock market debut on Friday, in the country’s first initial public offering this year.
The maker of parts for electric car and bicycle engines reaped 63 million euros ($67.94 million) in proceeds from the sale of new shares, which it wants to spend on additional production capacity.
Private equity owner MBB reduced its stake to 53.6 from 93.5 percent in the flotation, which valued Aumann at 588 million euros. It had bought Aumann only last year and merged it with its portfolio company Claas.
Aumann, founded in 1936 and specialising in winding technology needed in building electric motors, posted sales of 156 million euros and an adjusted EBIT margin of 12.4 percent last year.
Berenberg, Citi and Hauck & Aufhaeuser organised the deal. ($1 = 0.9273 euros) (Reporting by Arno Schuetze; Editing by Harro ten Wolde)