United Internet, Warburg Pincus announce offer structure for IPO

United Internet AG and WP XII Venture Holdings II SCSp, an affiliate of Warburg Pincus, the shareholders of IONOS Group SE (75.1% and 24.9%, respectively), have set the framework for the envisaged initial public offering of IONOS Group SE (together with its subsidiaries “IONOS”) and the admission to trading of its shares to the regulated market of the Frankfurt Stock Exchange (Prime Standard).

The price range for the IONOS shares has been set at EUR 18.50 to EUR 22.50 per share.

The offering is expected to consist of public offering in Germany and private placements in certain jurisdictions outside of Germany. United Internet and Warburg Pincus are each offering 15% of their respective holdings, translating into 15,771,000 ordinary registered shares with no par value from the holdings of United Internet AG and 5,229,000 ordinary registered shares with no par value from the holdings of Warburg Pincus (“Base Shares”). Up to 3,150,000 additional existing ordinary registered shares with no par value from the holdings of United Internet and WP XII may be offered to cover potential over-allotments (together with the Base Shares, the “Offer Shares”). The free float following the IPO, assuming placement of all Offer Shares, would be 17.3%. Depending on the final offer price and assuming placement of all Offer Shares, United Internet would receive gross proceeds of between EUR 336 million and EUR 408 million, while the total proceeds from the IPO are expected to be between EUR 447 million and EUR 543 million. The final offer price and allocation of the Offer Shares will be determined at the end of the bookbuilding process.

Subject to the approval of the prospectus by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”), the offer period, during which purchase orders can be submitted, is expected to commence on January 30, 2023, and end on February 7, 2023. The first day of trading for IONOS Group SE’s shares is expected on February 8, 2023. The commencement of the public offering in Germany is subject to the approval of the prospectus by BaFin and its publication, which is expected today.

CT Bureau