FRANKFURT AM MAIN, Germany--()--FAST Casualwear AG (ISIN: DE000A1PHFG5) joined the Prime Standard of the Frankfurt Stock Exchange on 9 July. A total of 1,065,020 shares were placed at the IPO (1,000,000 of which were from a capital increase). The issue price was €5.00 and the initial listing price €5.00. The issue volume was €5.3 million.
Kepler Capital Markets S.A. is lead manager and Renell Wertpapierhandelsbank AG is acting as specialist.
“We welcome FAST Casualwear AG as the fourth IPO in the Prime Standard this year”, said Barbara Georg, Head of Listing & Issuer Services at Deutsche Börse. “The Prime Standard puts the company in the most transparent segment in the regulated market of the Frankfurt Stock Exchange, thus positioning it extremely well for international investors. The Xetra trading platform now gives about 4,500 traders from 19 countries access to FAST Casualwear's shares.”
“We are very pleased about our successful initial listing on the Frankfurt Stock Exchange. For us, as a fast growing producer of fashion shoes and apparel, the access to growth capital is a major success factor,” said Chong Wing Chi, CEO of FAST Casualwear. “We are convinced that a listing in Germany will have positive effects on our company reputation as well as our brand building in China. Moreover, we believe that the IPO will further strengthen our competitive position.”
The FAST Group describes itself as a Chinese company specialising in producing shoes and fashionwear in that country. The company's main activities are the design, production and sale of casual shoes and clothing. The FAST Group owns production facilities with 14 assembly lines located in the industrial park in Fujian Jinjiang Huzhong. It has an annual production capacity of 18 million pairs of shoes. Group revenue totalled €82 million in 2011.
To date 13 Chinese companies are listed on the regulated market of the Frankfurt Stock Exchange, of which 12 are in the Prime Standard and 1 in the General Standard. 8 Chinese companies are listed in the Entry Standard.