Estavis: IPO could bring up to €136mn
The Berlin property firm Estavis wants to offer its stock for a price from €28 to €41.50. Estavis wants to make the exact range known the day before the beginning of the subscription deadline from March 27 to 29. The first note is planned for April 2. After subtracting capital expenses, up to €77mn should flow to Estavis from new shares from a capital increase, said the firm's head and controlling shareholder Rainer Schorr. The firm, which specializes in residential properties, could collect up to €136mn from the capital market. Estavis wants to use issue proceeds to develop its property business. The Berlin firm buys residential buildings in need of refurbishment, packages them, and resells them to institutional investors like insurance companies or other property companies listed on the stock exchange.