Skadden is representing FACC AG in its EUR 213 million initial public offering of shares on the Vienna Stock Exchange, with an offer price set at EUR 9.50 per share. Trading commenced on June 25.
According to a FACC press release, "the base offering consists of a capital increase with proceeds in the amount of EUR 150 million representing 15,790,000 new shares issued by FACC as well as a secondary tranche with proceeds in the amount of EUR 43.8 million representing 4,607,364 shares from the holdings of the selling shareholder FACC International Company Limited (controlled by the Aviation Industry Corporation of China). The greenshoe consists of 2,039,736 existing shares equaling EUR 19.4 million. Following the offering the freefloat will amount to 45 percent excluding the greenshoe and 49 percent if the greenshoe is exercised in full. At the offer price, the IPO was well oversubscribed on the full deal size including the greenshoe. At the offer price the market capitalization of FACC amounts to EUR 435 million and the total number of shares outstanding is 45,790,000. Approximately 86 percent of the IPO were allocated to institutional investors and approximately 14 percent were allocated to retail investors as part of the Austrian public offering. The selling shareholder FACC International Company Limited and the management of FACC have committed to a lock-up of 360 days from the first day of trading. In addition, FACC has committed to a lock-up of 180 days from the first day of trading."
FACC is a leading company in the design, development, and production of advanced fiber reinforced composite components and systems for the aviation industry, with a range of products reaches from structural components for the fuselage and wings to engine components to complete passenger cabins for commercial aircraft, business jets and helicopters. FACC is a supplier to all large aircraft manufacturers such as Airbus, Boeing, Bombardier, Embraer, Sukhoi, and COMAC as well as for engine manufacturers and sub-suppliers of manufacturers. In the business year of 2013/14, FACC achieved a turnover of EUR 547.4 million. The company currently employs 3,000 employees.