Ersol, a German solar equipment maker backed by Ventizz Capital Partners, has floated on the Frankfurt Stock Exchange.
The offer price of €42 pence per share rose to €65 when the company launched, and was 50 times oversubscribed. Ventizz Capital Fund II made €11m from the float, which raised €135m in total. The transaction has brought the net asset value of the fund up to approximately four times the size of the fund’s original value of €67m.
Ventizz, which is headquartered in Düsseldorf, acquired approximately 80% of Ersol in 2004 when it bought the business from Fortknox Venture, a German tech investor. Following the float, Ventizz has a 51.2% share.