BERLIN (dpa-AFX) - Westwing Group AG, a brand and platform in Home and Living eCommerce in Germany, announced Thursday that it has set the price range for the shares in the planned initial public offering or IPO at 23 euros to 29 euros per share.
The final offer price will be determined in a bookbuilding process.
Gross proceeds would amount to approximately 132 million euros. The Company intends to use these proceeds primarily for investments in the technology platform and customer experience and to drive international market growth. A part of the proceeds from the offering will also be used for the repayment of debt.
Subject to approval of the prospectus by the German Federal Financial Supervisory Authority or BaFin and its publication, the offer period will begin on September 28 and is expected to end on October 10.
The planned all-primary offering comprises 4.4 million newly issued bearer shares. In addition, 660,000 existing bearer shares with no par value will be made available.
Westwing shares are planned to be listed on the regulated market of the Frankfurt Stock Exchange with simultaneous admission to the Prime Standard. The first day of trading is expected to take place on October 11. Settlement is expected to occur on October 15.
Berenberg and Citigroup act as Joint Global Coordinators and Joint Bookrunners.
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