(Adds comment from bank)
ZURICH, July 2 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