Wellington Partners’ portfolio company net mobile, a German mobile solutions developer for businesses, has floated on the Munich and Frankfurt stock exchanges at an issue price of E8.50 per share. With 2.2 million shares offered, this gave the company a market capitalisation of E18.7m.
Following the IPO, Wellington Partners II will retain a 19% stake in net mobile, down from the 41% interest held prior to the float, but is still the largest shareholder. There is a 12 month lock-in period. Grünwald Equity Partners and management also held shares in the company but the actual equity split has not been disclosed, although the listing has reduced them. Return details are not being disclosed.