Austria’s largest IPO closed successfully for Strabag SE

Immediately following the close of the subscription period for institutional investors, the offering price for the shares of Strabag SE being tendered under the IPO was fixed at EUR 47 per share. At the beginning of the issue, the price range had been fixed between EUR 42 and EUR 48. The strong demand in Austria as well as among international institutional investors led to a tenfold subscription of the offering volume of 28,200,001 shares. 19,000,000 shares came from a capital increase and 9,200,001 from the holdings of the previous shareholders. Given the offering price, the market capitalisation of Strabag SE amounts to EUR 5.36 bln. The IPO proceeds for the company amount to EUR 893 mln.

This was the first time there was demand from over 100,000 private investors during an IPO in Austria, representing the greatest number of shareholders ever achieved during an IPO in Austria. More than 26% of the issue was placed with private Austrian investors, 15% with institutionals in Austria. The largest portion of the share placement was distributed among international institutional investors with a focus on Europe. Shares were also specifically marketed towards institutional investors in Russia.

“With EUR 47 we want to set a signal for a future stable and fair relationship with our new shareholders. We did not make use of the whole price range intentionally,” said Strabag CEO Hans Peter Haselsteiner.

The shares of Strabag SE will trade on October 19 in the Prime Market of the Vienna Stock Exchange and they will be included in the ATX as of October 22. Delivery of the shares is expected to take place on or around October 23 against payment of the final offer price.