German battery maker Akasol is preparing for a stock market listing in Frankfurt likely in June. Their move is to raise money to invest in new capacity so Akasol may benefit from an expected surge in demand from EV makers.
Akasol wants to increase its production and R&D capacities in both Europe and the US and therefore aims to sell new shares worth about 100-125 million euros in a deal valuing it at about 400-500 million euros, insiders claim.
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Akasol declined to comment on the valuation and timing of the deal. Still managing director Sven Schulz told Reuters the proceeds from the initial public offering would be used to double production facilities at its German site Langen by 2020, set up a greenfield factory in the U.S. and build a research and development capacity near its Darmstadt headquarters.
Update, June, 28: Akasol said it priced its stock market listing at 48.50 euros ($56.08) apiece, winning 100 million euros from the deal. In total, 2,433,041 shares in Akasol have been placed with investors.