Against this background of a dynamic capital market, CA Immo staged the IPO of its Group subsidiary, CA Immo International, in October 2006. Its strategic objective was to dispose of a maximumof 49 % of the shares and, by means of the remaining 51 %, to retain control of the company‘s direction and development.
The flotation comprised both a public offering to institutional and private investors in Austria and a private placement with international institutional
investors. At this point CA Immo International was still wholly-owned by CA Immo. Shareholders in CA Immo who subscribed before 20 October received a preferential allocation of CA Immo International shares. In total 10 % of the newly issued shares were reserved for this target group. The issuing bank consortium was led by CA-IB and Merrill Lynch as joint global co-ordinators.
The joint book-runners were Bank Austria Creditanstalt AG and Merrill Lynch International, along with Sal. Oppenheim jr. & Cie. KGaA. The offering period ran from 9 to 23 October 2006; after previous completion of book-building, the initial offering price was set at € 13.50 per share. The issue was several times oversubscribed.
On 25 October 2006 the stock was listed in the Prime Segment of the Vienna Stock Exchange. From € 13.52 initially, the share price had already reached € 13.95 by the end of the first trading day. This dynamic development continued in subsequent weeks, and analysts and the media responded with great interest to this extremely strong public debut. On 31 October 2006 the issuing bank consortium exercised a green shoe option. With a volume of 2,777,711 shares, the entire option was utilised. This boosted the number of shares in free float to 21,295,785, and CA Immo reached the envisaged 51 %. This took the gross issuing total of the IPO to € 287.5 m
With its flotation in autumn 2006, CA Immo International implemented its expansion strategy on the capital market. The timing was chosen after detailed analyses. The share‘s success from the very first day of trading confirms that the conditions for the IPO were ideal and that the correct decision was taken.