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BERLIN - In another sign of movement in the fragrance supply industry, Symrise held its initial public offering Friday.
The world's fourth-largest fragrance and flavors supplier, based in Holzminden, Germany, is offering a maximum of 81 million shares at a subscription range of 15.75 to 17.75 euros, or $20.86 to $23.51, at current exchange.
The subscription offer runs through Dec. 8 and the final price will be announced on Dec. 9 or 10.
Dec. 11 is expected to be the first day of trading.
If all shares are purchased at the higher end of the range, this would be Germany's largest IPO this year. Symrise is primed to raise about 1.44 billion euros, or $1.9 billion, which the company said will be used primarily to cut debt and fund expansion.
The Swedish investment firm EQT III Fund and unnamed co-investors now control 80 percent of Symrise. The shares offered include up to 37.8 million shares from a capital increase and up to 32,661,181 shares from the holdings of the company's existing investors. Up to 69 percent of total capital will be on free float after the listing.
Symrise employs some 4,900 people in 26 locations worldwide. In 2005, the company's fragrance supply sales were estimated at 609 million euros, or $758 million at average exchange, out of total sales of 1.15 billion euros, or $1.46 billion.
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