October 21, 2017

Wolf Theiss handles first Austrian IPO in three years

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boersenstart-faccAviation industry supplier FACC went public on the Vienna stock exchange July 2 with a total volume of EUR 213 million. FACC was advised by Wolf Theiss.

The FACC group from Ried im Innkreis supplies the global aviation industry, including Boeing-Dreamliner and Airbus A350. At an opening share price of EUR 9.50, 49 percent of the shares of FACC AG were oversubscribed by investors.

The remaining 51 percent of the shares are going to be held by the previous sole owner, chinese state company Aviation Industry Corporation of China (AVIC). Since 2009 FACC has been growing significantly and the IPO is designed to bring in fresh capital for future growth. The total of EUR 213 Million contains new shares from a capital increase, old shares of owner FACC International Company Limited as well as a greenshoe-option.

Wolf Theiss Banking & Finance team was led by Partner Richard Wolf and supported by Senior Associate Petra Heindl. The team advised FACC on all legal matters in Austria. This included helping FACC through the preparation of the IPO, the reorganization of the group, relevant due diligence and assistance with preparation and approval of the prospectus by the Financial Market Authorities, according to the firm.

The international lead was done by Skadden, Arps, Slate, Meaher & Flom. From the banking side, U.S. investment bank JP Morgan and Morgan Stanley as well as Erste Group as joint global coordinators and joint bookrunners as well as UBS as co-bookrunner.

“We are glad, that we could advice the first Viennese IPO since three years – so we could support FACC AG while they are on their track for expansion,” said name partner Richard Wolf.

 

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