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12/10/2018 11:24:55
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Börse Frankfurt News

Stock Market Term: Issue proceeds

Knorr-Bremse placed 48.36 million shares at €80 per share in their IPO. This results in issue proceeds of 3.9 billion Euro and a free float of 22 percent. The company's share capital consists of 161 million shares. Thus, the market capitalization at the start of trading on 12 October amounted to 12.9 billion euros. Reason enough for the stock market word of the week.
IPOs are defined according to the type of capital measure. If a company offers shares to the general public for the first time, this is an IPO, short for Initial Public Offering. If the shares are only subscribed by a few professional investors, it is a private placement.

In both cases, the company offers shares for subscription to investors before the IPO. Either at a fixed price or as part of a pricing procedure within a range. In the case of the latter, the issue price is fixed before the start of trading at the end of the subscription period. The number of shares issued multiplied by the issue price determines the gross issue proceeds. Gross means including the costs for the IPO.

The company does not have to offer all shares at the IPO and does not have to admit all shares on the stock exchange. The shares listed on the stock exchange are the subject of the listing. All shares held by investors who do not hold more than 5 percent of the share capital are referred to as free float. If the company increases its share capital by going public, new shares are issued as part of a capital increase.

At the start of trading on the stock exchange, the first stock exchange price is determined. Now supply and demand determine the share price. The number of listed shares multiplied by the stock exchange price then determines the market capitalization. 12. October 2018, © Deutsche Börse AG

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