Clifford Chance has advised a banking syndicate on the successful IPO of Befesa S.A. at the Frankfurt Stock Exchange.

German-Spanish Befesa S.A. is a leading European provider of recycling services to the secondary steel and aluminium industries. The company was listed on the regulated market (Prime Standard segment) of the Frankfurt Stock Exchange on 3 November 2017. Befesa's issue is the second largest IPO in Germany in 2017.

The IPO issue comprised 14,308,000 shares from the holdings of the selling shareholder, a fund advised by the private equity firm Triton. In addition, up to 2,146,200 shares were made available from the holdings of the selling shareholder to cover potential over-allotments. The issue price amounted to EUR 28.00 per share.

Clifford Chance advised the members of the syndicate (joint global coordinators: Goldman Sachs International, Citigroup Global Markets Limited and J.P. Morgan Securities plc; joint bookrunners: Joh. Berenberg, Gossler & Co. KG, Banco Santander, S.A., Commerzbank Aktiengesellschaft and Stifel Nicolaus Europe Limited) as underwriters' counsel.

The Clifford Chance team comprised partner Dr. George Hacket, counsel Barbora Moring, senior associate David Santoro and associate Andrei Manea (all Banking & Capital Markets, Frankfurt), partner Dr. Christian Vogel and senior associate Dr. Jochen Buckel (both Corporate, Düsseldorf), partner Christian Kremer and associate Lauren Harris (both Corporate, Luxembourg), senior associate Markus Waitschies (Banking & Capital Markets, Luxembourg), partner Avrohom Gelber and associate Eric Naftel (both Tax, New York), partner Olaf Mertgen (Tax, Frankfurt) as well as partner François-Xavier Dujardin and associate Edouard Fort (both Tax, Luxembourg).