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Stemmer Imaging plans initial public offering

Stemmer Imaging plans initial public offering

Strengthen its market position

Stemmer Imaging AG is planning to float new and existing common shares in the Scale segment of the Frankfurt Stock Exchange by way of an initial public offering. The company is expected to be listed in the first half of 2018. The company is among the pioneers of machine vision, one of the key technologies for the digitization of industrial manufacturing processes.  Stemmer Imaging’s specialization in technologically challenging tasks and applications, and the combination of innovative products, its own software, and comprehensive services have enabled it to develop into one of the leading providers of imaging technology solutions in Europe.

Consistently strong business performance
Over the past few years, Stemmer Imaging’s sales revenues have grown faster than the market average growth rate. Its sales revenues rose from EUR 57 million in 2013 [Fiscal year: July 1 – June 30] to EUR 88.3 million in 2017. This represents an average annual growth rate of 12 percent (CAGR), which is above the market average both in Germany and worldwide. Over the same period, earnings before interest, taxes, depreciation and amortization (EBITDA) (adjusted to reflect non-recurring items) increased from EUR 4.4 million to EUR 7.6 million, an average of 15 percent per annum (CAGR).

Experienced management team and active supervisory board
The management team (Christof Zollitsch, CEO, Klaus Weinmann, Chairperson of the Supervisory Board of Stemmer Imaging AG and CEO of Cancom SE ) has substantial knowledge of the industry, many years of management experience and extensive technical expertise. This is reflected by their wideranging involvement in committees and associations (including VDMA, EMVA, AIA, GigE and USB3 Vision, OPC UA, 1288), through which Stemmer Imaging takes an active role in defining industry standards.

Key points of the IPO
SI Holding GmbH (Munich, Germany), a Primepulse Group company, currently holds holds all the shares in Stemmer Imaging AG. It will continue to hold at least 51 percent of the shares in the company after the IPO capital increase is carried out and the existing shares are sold in a secondary offering, and in the event that the greenshoe option is exercised. The principal stockholder will undertake not to sell any shares for a period of six months after the start of quotation, and only to sell shares with the consent of the issuing bank for a further six months.

The company expects issue proceeds of around EUR 50 million from the placement of new shares in connection with the IPO. In addition, shares held by the existing stockholder will be sold in a secondary offering. The stockholder will make further shares available in a greenshoe option. Hauck & Aufhäuser Privatbankiers Aktiengesellschaft will act as the sole global coordinator and sole bookrunner. The public offer will only be made in Germany.


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