FRANKFURT, Feb 27 (Reuters) - German engineering group Aumann announced plans on Monday to list its shares on the Frankfurt stock exchange in the first half of this year, seeking funds to expand in the growing market for electric cars.
The initial public offering (IPO) will include new shares worth around 60 million euros ($63.5 million) as well as existing shares held by private equity owner MBB, Aumann said in a statement.
People close to the matter had told Reuters last month that Aumann planned a stock market listing as the maker of parts for electric engines sought cash for its expansion.
Two sources said on Monday that the IPO of Aumann, which makes coil winding machines used in the production of electric vehicles, was to raise a total of 200 to 250 million euros.
It would be the first flotation of the year in Frankfurt after AlzChem scrapped plans earlier this month.
MBB, which currently owns 93.5 percent of Aumann, will remain majority shareholder after the IPO, Aumann said. Between 40 and 47 percent of the stock will be freely traded.
Flotations commonly occur in Germany around four weeks after a company issues its intention to float, which means Aumann’s IPO is likely to come before the Easter holidays in April.
Berenberg and Citigroup are acting as Joint Global Coordinators in the IPO and, together with Hauck & Aufhaeuser, as Joint Bookrunners.
$1 = 0.9445 euros Reporting by Maria Sheahan and Alexander Huebner; Editing by Victoria Bryan