German software company Magix has floated on the Frankfurt Stock Exchange, generating a 3.8x return for 3i. The IPO floated at the top of its price range, €16.40 per share, and was 13.2x oversubscribed. 3i sold 40% of its stake, worth €38m. This leaves it with an 11.2% interest, valued at around €26m, which could drop to 5.8% if the Greenshoe option is fully exercised.
3i Eurofund III invested €10m in the company in February 2000, seven years after the company was founded by Jürgen Jaron and Dieter Rein. Those two remain shareholders and active management at the company.