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April 06, 2006
German IPOs For Magix and SAF
Two software companies braved the capital market in Frankfurt today, the first software IPOs in several years, with share prices at the top end of their bookbuilding range. But in the early hours of trading both share prices fell slightly from their IPO emission price.
A snapshot of the IPO board for SAF
SAF, the smaller of the two companies, develops and sells logistics software. It went out on the Frankfurt Stock Exchange this morning at €17.60 per share at the top end of its bookbuilding range. But its share price shaved a few cents to €17.20 a few hours later.
The firm says its book was 8 times oversubscribed and that it had raised a total €48M, some €20.5M of which is new capital for the company, the rest, some €27.5M will go to old shareholders, including VCs and the founders. SAF is based in Switzerland, was founded in 1996 and employs 50 people.
Last year it posted a net profit of €2M on sales of €7.4M. The new capital will be used to expand customer base internationally. It was backed by New Value, a small Swiss fund, Ventizz, and funds managed by Avida, a German VC fund.
Magix, whose sales are almost 4 times that of SAF's, went out on the same exchange at €16.40 per share. It had fallen by 20cents a share to €16.20 per share by about 11am. (Update: It raised about €87M)
Last year the multimedia software vendor and ASP had sales €27.5M and EBIT of €4.9M. First quarter sales for the current year were €10.9M and EBIT of about €4M.
Read - IPO: SAF-Emission 8,6-fach überzeichnet
Read - Magix IPO takes shape (alarm:clock euro)
Posted on April 6, 2006 10:16 AM | Posted to IPO | Software | Permalink
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