Veganz celebrates capital market debut in Frankfurt
This makes the company the first vegan food producer in Germany to be traded on the stock exchange.
Veganism has now made it to the stock exchange: on 10 November, Veganz Group went public. In the process, the 547,120 no-par shares were placed with investors and private investors at a price of 87.00 euros per share. The initial market capitalization of the Veganz Group was approximately 106.4 million euros. However, the share lost several percent on the first day of trading, which disappointed many investors. While the trading price had initially been 86.90 euros, it had fallen to 83.40 euros by the close of trading on the first day.
The IPO represents a total volume of around 47.6 million euros. The gross issue proceeds, which will now go to the Veganz Group, amount to around EUR 33.8 million. The company now intends to put the remaining net issue proceeds primarily into the establishment of a new production site near Berlin, as well as into investments that will benefit the company's growth.
Veganz has developed around 470 items since 2015 and is one of the best-known vegan food suppliers in Germany. It sells such items as confectionery, snacks, plant-based proteins, vegan meat, fish and cheese alternatives, and even pizza. A little more than half of the products currently on offer are labelled with an organic seal. The company also claims to produce most of its products in Europe. The commercial law firm Noerr provided legal advice to Veganz on the IPO.
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