DGAP-Adhoc

Portfolio developer Noratis AG plans IPO - Seite 2

The offer comprises 2,000,000 newly issued bearer shares with no par value from a capital increase against cash contributions. The price range has been set at EUR 18.75 to EUR 22.75 per share. The public offering period starts on June 21, 2017, and is expected to end on June 27, 2017 (private investors and natural persons 3:00 pm CEST, institutional investors 5:00 pm CEST). The company plans to use the expected gross proceeds of up to EUR 45.5 million to further finance its growth by acquiring residential real estate portfolios across Germany.


As part of a greenshoe option, up to 200,000 existing shares (10% of the underlying transaction) from the shareholdings of the existing shareholders Norlig GmbH of the company founder Oliver C. Smits as well as SIA Hansahold can also be placed at the offer price. Each of them currently holds 33.33% of the share capital before the capital increase (2,000,000 shares at EUR 1.00 each). The remaining 33.33% of the existing shares are held by CEO Igor Christian Bugarski. If the greenshoe option is fully exercised a free float of 55% (2,200,000 of 4,000,000 shares) will be achieved. The company has agreed to a lock-up period of six months from the start of trading. For the ensuing six months, the sale of shares may only be effected with the prior written consent of the underwriter. The existing shareholders have agreed not to sell any of their shares for a period of twelve months.

The placement price and the final number of shares placed are expected to be announced on June 27, 2017. The listing of the shares of Noratis AG is expected to take place on June 30, 2017. The delivery of the allotted shares is also scheduled for June 30, 2017. ICF BANK AG acts as sole global coordinator and sole bookrunner.

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Noratis AG (www.noratis.de) is a dynamically growing portfolio developer of residential real estate located in Eschborn near Frankfurt. The company purchases properties with development potential across Germany, mostly housing estates, employee housing and quarters from the 1950s to 1970s in cities with more than 10,000 inhabitants or on the outskirts of urban areas. After acquisition, Noratis performs an intensive value enhancement of the properties and subsequently sells them in block sales or individually as condominiums. Thereby Noratis offers housing with an attractive price/performance ratio for tenants with medium and small incomes. Since only 2014, Noratis has successfully completed 14 projects with more than 1,300 residential units. The company generated revenues of EUR 44.6 million in fiscal year 2016 and has grown at an annual average of 63% since 2014.