Deutsche Börse Cash Market has just announced that AKASOL AG (ISIN: DE000A2JNWZ9 ) was listed today in the Prime Standard of the Frankfurt Stock Exchange.
The shares of the Darmstadt-based battery manufacturer started trading at €48.80 after an issue price of €48.50 Euro. This takes the current number of IPOs in Frankfurt since the beginning of the year to 13.
AKASOL AG produces high-performance battery systems for buses, commercial vehicles, rail vehicles, ships, industrial vehicles and stationary applications. The company started in 1990 as a spin-off of the TU Darmstadt and was a non-profit association until 2008. With the proceeds from the IPO, AKASOL intends to expand both in Germany and internationally. The number of employees, currently 110, and production capacities are to be significantly increased. According to its own information, the company can currently produce battery systems for up to 1,500 fully electronic buses or up to 6,000 commercial vehicles annually. Due to the trend to focus more on electromobility in public transport, AKSASOL has an order backlog of €1.45 billion until 2024.
The IPO was managed by Citigroup, Commerzbank and Bankhaus Lampe. Commerzbank is also designated sponsor for Xetra trading. Baader Bank acts as the specialist on the Börse Frankfurt venue.