Corestate: New attempt for the IPO
The real estate investor Corestate Capital Holding is making a new start. The company's shares are now to be listed on the Frankfurt Stock Exchange from October 4, 2016. Corestate had already planned to go public a good year ago, but cancelled the IPO at short notice due to the poor market environment at the time.
Corestate's approximately 12.6 million shares are to be included in trading in the Entry Standard segment of the Frankfurt Stock Exchange.
Corestate has now decided against a public share offering and instead placed new shares for 43 million euros at a price of 17 euros each with selected investors. A year ago, Corestate had expected proceeds of around EUR 100 million from the IPO.
In June of this year, Intershop Holding sold its stake of around 28 percent in Corestate Capital Holding S.A. retroactively as of the beginning of 2016 to its majority shareholder Ralph Winter, generating a pre-tax gain of CHF 7.5 million, according to the company. (ah)
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