Akasol, a Germany-based battery producer spun out from TU Darmstadt, has floated on the Frankfurt Stock Exchange, with shares opening at €48.50 ($57) and target proceeds of €100m.
The figure represents the lower end of Akasol’s pricing range, which that had an upper target of €64.50. Shares had climbed to €54.50 by the market close on Friday.
Akasol began life as a research project at TU Darmstadt in 1990, before incorporating as a limited business in 2008. The spinout is developing lithium-ion batteries for a wide range of applications, including electric busses, trains, ships and stationary devices.
The proceeds will go towards an expansion of Akasol’s second manufacgturing facility. The money will also enable Akasol to enter the US, where the company hopes to construct a factory in 2019.
The company achieved a revenue of €14.5m last year and is targeting €24m this year, with long-term plans to reach more than €300m within four to five years.
Akasol’s largest shareholder is manufacturing company Schulz Group, which owns 46.7%. Financial services conglomerate Fidelity Management and Research holds 6.7%, followed by co-founder Felix von Borck (6.2%).
