Ashurst advised Joh. Berenberg, Gossler & Co. KG as Global Coordinator and Joint Bookrunner as well as Baader Bank AG and ODDO BHF as Joint Bookrunners in relation to the initial public offering (IPO) of NFON AG on the regulated market of the Frankfurt Stock Exchange (Prime Standard) as underwriters' counsel. The cloud PBX provider's debut on the stock market took place on 11 May with the shares rising by 10.5 percent to €13.26 on the day of the first listing.
The IPO offer comprised, including an over-allotment option (greenshoe), a total of approximately 6.7 million shares at an offer price of €12 per share, thereof approximately 4.2 million newly issued shares from a capital increase as well as approximately 2.5 million shares from the holdings of existing shareholders. The shares were offered and placed as part of a public offering in Germany and Luxembourg as well as in the context of an international private placement (including Rule 144A).
The total issue volume amounts to approximately €80.5 million (assuming full exercise of the greenshoe option), of which €50 million from the placement of the new shares will be proceeds generated by the issuer. NFON intends to use the majority of the issue proceeds to invest in the continued expansion in Europe with a particular focus on France and Italy. Additionally, the company plans to strengthen its R&D and marketing activities.
The core Ashurst team comprised of German and US lawyers which was led by Frankfurt partner Matthias von Oppen, assisted by associate Joanna Wilczynska-Gluch, senior associate Dr Ian M. Maywald (all corporate finance) and senior associate François Maartens Heynike (IP/IT, all Frankfurt). Partners Eric Stuart and Tara Waters as well as senior associate Rodrigo Romero Hidalgo (all London) advised on US securities law, partner Sharon Kim on US tax law (New York).
NFON AG is the only pan-European cloud PBX provider counting more than 15,000 companies across 13 European countries as customers. NFON AG together with its group companies currently employs more than 200 people.
Ashurst's corporate finance practice specialises in advising issuers, underwriters and shareholders on complex capital raisings and IPOs. The practice also advises on the day-to-day obligations of listed companies, especially in connection with voting rights notifications under the German Securities Trading Act (Wertpapierhandelsgesetz).
