BERLIN, May 14 (Reuters) - Germany’s Mutares aims to raise 26 million-32 million euros ($31 million-$38 million) from an initial public offering (IPO) of a stake in commercial vehicles supplier STS Group, below the 50 million it euros originally targeted.
Investors have taken a tougher line on price in IPOs recently, with German publisher Springer Nature cancelling a planned flotation this month due to weak demand.
Unveiling details on Monday, Mutares said the STS Group IPO on June 1 would consist of 1 million new shares from a capital increase and up to 1 million shares currently owned by Mutares.
The holding company would still hold a 62 percent stake in STS after the IPO.
The price range for the shares is 26-32 euros, Mutares said, with the final offer price set to be published on May 29.
It had said in late April that it was aiming for proceeds from the cash capital increase of some 50 million euros.
The proceeds will be used to expand STS Group into China and North America, plus increase production in eastern Europe.
Hauck & Aufhauuser is acting as sole global coordinator and joint bookrunner, while Mainfirst is also joint bookrunner.
$1 = 0.8353 euros Reporting by Victoria Bryan