A&O Shearman advises banks on PFISTERER IPO

In total, approximately 6.97 million shares were placed as part of the offering. Thereof, 3.5 million are new shares from a capital increase, approximately 2.69 million shares are from the holdings of current shareholders, and approximately 0.78 million shares were provided by the largest shareholder Karl-Heinz Pfisterer in connection with an over-allotment option.

The total placement volume amounts to approximately EUR188 million, assuming the Greenshoe Option is fully exercised. Based on the final offer price, the company’s market capitalization will amount to approximately EUR489m. The company’s free float will amount to 38.5%, assuming full exercise of the Greenshoe Option.

Trading of the Company's shares on SME Growth Market Segment Scale of the Frankfurt Stock Exchange is expected to commence on May 14, 2025.

PFISTERER will receive gross proceeds of approximately EUR95m  to further accelerate the company’s profitable growth and to expand production capacities through investments at existing sites. In addition to the public offering in Germany, the transaction also includes a U.S. tranche as part of a private placement in the United States.

Berenberg and COMMERZBANK (in cooperation with ODDO BHF) are acting as Joint Global Coordinators and Joint Bookrunners. Landesbank Baden-Württemberg is participating as Co-Global Coordinator and also as Joint Bookrunner, while ICF BANK is acting as Co-Manager in connection with the offering.

PFISTERER is a globally leading and independent technology company headquartered in Winterbach near Stuttgart. The family-owned company develops, manufactures, and distributes solutions for insulating and connecting electrical conductors for the interfaces in power grids—from the generation and transmission to the distribution of electrical energy—and supplies grid operators and energy providers worldwide. Last year, PFISTERER, with more than 1,200 employees, generated revenues of EUR383.1m, an increase of 15% compared to 2023. PFISTERER Holding SE is represented worldwide with 17 operating locations in 15 countries.

The A&O team included partners Dr. Knut Sauer (lead, ECM) and Marc Plepelits (U.S. corporate finance), counsel Nadine Kämper, senior associate Martin Schmidt, and associate Deniz Demirelli (all ECM, all Frankfurt). In-house, Dr. Bernd Singhof (senior legal counsel, Commerzbank AG) and Joanna Wilczynska-Gluch (associate director investment banking legal, Berenberg) provided legal advice.