Books covered for Renk IPO, including greenshoe -bookrunner

BERLIN (Reuters) – Books for the initial public offering of German defence contractor Renk are fully covered, including the greenshoe option, a bookrunner on the deal said on Tuesday.

Earlier this week, the company said it would price its IPO at 15 to 18 euros per share, which would give it a potential valuation of up to 1.8 billion euros ($1.92 billion).

Private equity owner Triton, which has been an investor since 2020, will continue to hold its majority stake in Renk, which supplies gearboxes for Germany’s Leopard battle tank.

Triton plans to sell up to 27.03 million Renk shares, raising between 405 and 486 million euros in proceeds. Renk’s free float would be 27%, according to a company statement.

(Reporting by Alexander Huebner, Writing by Friederike Heine, Editing by Miranda Murray)