October 10, 2018 / 8:29 PM / 2 months ago

UPDATE 1-Knorr-Bremse sets IPO price at 80 euros per share

* One of this year’s biggest listings in Germany

* Offering raises around $4.5 billion

* Launch defies recent weakness in IPO market (Updates details and context)

FRANKFURT, Oct 10 (Reuters) - German brake systems maker Knorr-Bremse on Wednesday set the final offer price for shares in its initial public offering at 80.00 euros per share, in one of Germany’s biggest listings this year.

Knorr-Bremse said the total offer volume amounted to around 3.9 billion euros ($4.49 billion), making for a total market capitalisation of 12.9 billion euros.

Knorr-Bremse appears to have bucked weakness in other recent flotations and a gathering selloff on stock markets.

Bankers and investors said the IPO was well supported because family-owned Knorr is viewed as an industry leader with a history of consistent profitability, differentiating it from other recent debutants that are trading below their offer price.

Assuming the full greenshoe option is exercised, 30 percent of the company’s shares will float freely.

Shares are expected to start trading at the Frankfurt Stock Exchange on Friday.

Deutsche Bank, JP Morgan and Morgan Stanley are acting as joint global coordinators and bookrunners on the deal. In addition, Berenberg, Gossler, Commerzbank, UBS and UniCredit are joint bookrunners. ($1 = 0.8680 euros) (Reporting by Tom Sims; Editing by Kevin Liffey)

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