PE groups profit in German IPO

Magix, a Germany-based multimedia software company known mostly for its audio products under the Music Maker brand, has raised €86.6m in an initial public offering on the Frankfurt Stock Exchange. The IPO provided private equity firm 3i Group with a partial exit, while retaining an 11.2% ownership position.

The offer price of €16.40 per Magix share was at the top of the bookbuilding range and valued the company at about €208m. Nearly three-quarters of the offered shares came from existing shareholders, with 29.4% coming from a capital increase.

SAF Simulation, Analysis and Forecasting is a Swiss provider of software solutions for retailers. SAF has raised around €48m via an initial public offering on the Frankfurt Stock Exchange. SAF will receive net proceeds of approximately €20.5m, with the rest going to existing shareholders (following transaction costs).

The offer price of €17.60 per SAF share was at the top end of the price range and values the company at around €97.5m.

Shareholders include venture capital investors Wellington Partners and Avida Equity Partners, as well as KfW (Kreditanstalt für Wiederaufbau), the German state-controlled institution, which typically provides venture capital in return for a silent partnership.