The first IPO of 2023 is pending with the investor Neon Equity. The major shareholder is Thomas Olek, once the head of the real estate investor Publity, Neon’s only holding.
IPOs are not something that happens every day in Germany. Although the stats point to 13 IPOs last year, shares were sold in only three cases. If you then add the €9.1 billion that went into the Porsche IPO, the total issuance volume was only €7.7 million.
In the previous year, there were 28 IPOs with an issuance volume of €9.5 billion, of which 2 billion were private placements. Overall, Germany’s share of the European market for equity issues is well under 10 percent, which is fairly modest for the continent’s largest economy.
But now there is the first issue of the new year, not on the German stock exchange, but on the regional stock exchange in Dusseldorf. The range is modest, but it’s a start.
Frankfurt-based Neon Equity AG, formerly known as TO-Holding (Isin DE000A3DW408), intends to offer about 40 million shares on the open market for the local primary market. Should trading begin next Friday, Xetra’s listing will follow immediately and the stock will also be traded on the open market in Frankfurt.
The public offer begins and ends on Friday – but only for up to 10,000 shares of major shareholder TO Holding 1 GmbH, for which the purchase price has not been determined either. Since the offer is made through the exchange and in this case the offer price corresponds to the exchange price, which is determined by the main broker on the basis of the status of the order book, it is said.
Neon Equity sees itself as a growth investor with a focus on the real estate, advisory and technology industry. However, the latter two are still in the planning stages, so Nyon is primarily a real estate investor.