BMZ Plans September IPO, Sources Say: Report

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  • The plans have been forged as battery makers scramble to keep up with demand as the automotive industry and other sectors switch to electric
  • BMZ, based in Karlstein near Frankfurt, takes 300 million battery cells each year to assemble battery systems for industrial clients

German battery group BMZ is preparing for a Frankfurt stock market listing as early as September with a targeted valuation of about 2 billion euros ($2.4 billion), sources close to the matter told Reuters.

The plans have been forged as battery makers scramble to keep up with demand as the automotive industry and other sectors switch to electric to reduce planet-warming carbon emissions, raising investor interest in pioneering battery businesses.

Frankfurt stock market listing

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As per a report by Reuters, German battery group BMZ is preparing for a Frankfurt stock market listing as early as September with a targeted valuation of about 2 billion euros ($2.4 billion), sources close to the matter told Reuters. It added that BMZ is working with Citi, JP Morgan and Berenberg on the initial public offering (IPO), which will sell shares worth about 500 million euros, the sources said. A company spokesperson said that they are continually considering their options. The banks declined to comment.

The report added that BMZ makes battery systems for a winde range of applications, including e-mobility, forklift trucks, electric bikes, gardenening tools, medical devices and even for storage of electricity generated by solar panels and wind turbines. In 2020 the company posted revenues of about 400 million euros. The company could be valued at about five times expected revenue, in line with the valuation of rival Akasol, which trades at 4.8 times expected sales, two of the sources said.

BMZ, based in Karlstein near Frankfurt, takes 300 million battery cells each year to assemble battery systems for industrial clients such as forklift maker Kion, medical device maker Philips and gardening tools maker Stihl. Profitable from the start, BMZ’s annual revenue growth has averaged 20 per cent over the past 10 years, added the report.

 

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