Ashurst advised the syndicate banks, Commerzbank Aktiengesellschaft (Commerzbank) and Hauck & Aufhäuser Privatbankiers Aktiengesellschaft (Hauck & Aufhäuser) on the initial public offering (IPO) of Serviceware SE (Serviceware), a leading provider of software solutions for the digitisation and automation of service processes, on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. The banks acted as joint global coordinators and joint bookrunners for the transaction.
The IPO offer comprised a total of 3,703,000 shares at a offer price of €24 per share, thereof 2,500,000 newly issued shares from a capital increase, 720,000 shares from the holdings of existing shareholders and 483,000 shares from an over-allotment (Greenshoe). All shares have been placed with investors. The total volume of the issue amounts to €88.9 million. Assuming the exercise of the Greenshoe option, the free float will amount to approximately 35 percent. At the offer price, Serviceware's market capitalisation at the start of trading totaled around €252 million.
The gross proceeds for the company total €60 million. Serviceware intends to use the net proceeds to finance its growth via M&A, further internationalisation as well as scale-up of the sales force to increase penetration of large enterprise customers.
The Ashurst team included partner Matthias von Oppen (lead), senior associate Dr. Ian M. Maywald and associate Joanna Wilczynska-Gluch. Counsel Dr Gerrit Clasen (all corporate finance, Frankfurt) advised on stock corporation law. The team, acting as transaction counsel, advised on all legal matters in connection with the transaction and on the preparation of all transaction documentation, including the prospectus.
Ashurst's corporate finance practice specialises in advising issuers, underwriters and shareholders on complex capital increases and IPOs. The practice also advises on the day-to-day obligations of listed companies, especially in connection with voting rights notifications under the German Securities Trading Act (Wertpapierhandelsgesetz).
