FRANKFURT, June 18 (Reuters) - SMA Solar Technology, which makes inverters that transform solar panel energy into electricity for the power grid, aims to raise up to 150 million euros ($232.1 million) in an initial public offering of shares.
SMA said on Wednesday its IPO would consist of up to 11.5 million shares — of which 4.5 million is new stock — including an over-allotment option of 1.5 million shares.
If successful, the flotation, which has Deutsche Bank DBKGnb.DE and Citigroup (C.N) as joint global coordinators and Commerzbank (CBKG.DE) and LBBW as co-lead managers, would be the biggest so far this year in Germany where a number of planned IPOs have been cancelled due to insufficient investor interest.
SMA aims for its shares to be listed on the Frankfurt Stock Exchange at the latest on July 4. Bookbuilding would begin at the earliest on June 23 and end at the latest on July 3, the company said in a statement.
Excluding the over-allotment option and stock awarded to employees, the free float would be 27.4 percent if all other shares on offer are sold, SMA said.
The company, which says it is the market leader in its field, had revenue of 327.3 million euros in 2007 and a net profit of 36.8 million euros.
A Reuters calculation based on figures in the IPO prospectus and the envisaged maximum proceeds of 150 million euros suggests a price-to-earnings (P/E) ratio of around 13 times SMA’s 2007 earnings.
Companies in Frankfurt's technology index .TECDAX, which is heavy on solar industry stocks, are valued at on average 40 times 2007 earnings, according to research by DZ Bank. (Reporting by Peter Starck; Editing by David Cowell)