Overview

• The offering was multiple-times oversubscribed, with early trades near €73 and a first-day valuation around €4.22 billion.
• Roughly 12.2 million shares priced at the top of the €62–€66 range raised about €808 million.
• About €100 million goes to the company for investments and potential acquisitions, while most funds head to Näder Holding to cut debt from the EQT buyback of roughly €1 billion.
• Around 19% of shares are now in free float under a Co. KGaA structure that preserves family control, and the stock lists in the Prime Standard.
• Anchor investors included Klaus‑Michael Kühne (about €125 million) and Capital Group (about €115 million), as the deal became Frankfurt’s largest since Douglas in 2024 and comes with an ongoing Braunschweig probe into Hans Georg Näder that he denies.