The Austrian fiber manufacturer Lenzing AG reported on Thursday the successful completion of its capital increase announced in mid-June. A total of around twelve million new shares have been issued, the company said in a statement. Lenzing put the gross proceeds from the issue at around EUR 400.2 million.
The majority of the new share certificates were therefore acquired by existing investors as part of previously agreed subscription rights at a price of EUR 33.10 each. The remaining shares were placed with institutional investors in a private placement at a price of EUR 46.25 each, the group announced.
Lenzing CEO Stephan Sielaff saw the group’s course as confirmed by the successful capital increase: “During our roadshow in the last few weeks, we had very constructive and promising discussions with numerous investors,” he explained in a statement. “We received a wealth of positive feedback: the market recognizes our strong positioning in tackling the megatrends of sustainability and the circular economy.”
In addition, there was “clear feedback” from investors “that this capital increase is understood as a forward-looking measure to strengthen our equity position,” says Sielaff. “With this backing, we are ready to work even harder to successfully execute our strategy.”