Binder Grösswang advises Steyr Motors AG on IPO on the Frankfurt Stock Exchange

Binder Grösswang, together with Noerr Partnerschaftsgesellschaft mbB as lead counsel, is advising the Munich-based private equity investor Mutares SE & Co. KGaA and Steyr Motors AG on the initial public offering of Steyr Motors AG on the Frankfurt Stock Exchange. Trading of the shares of Steyr Motors AG in the Scale segment of the open market (Regulated Unofficial Market) of the Frankfurt Stock Exchange is expected to commence on 30 October 2024.

Steyr Motors AG, headquartered in Steyr, Austria, is one of the world's leading developers and manufacturers of special high-performance engines with high power density and durability. The company's engines are used primarily in special defence vehicles, boats (both defence and civilian) and as auxiliary power units for tanks and locomotives.

In a first step, Steyr Motors Betriebs GmbH was merged with its parent company in its previous legal form as a limited liability company under the name ‘Mutares Austria Holding-01 GmbH’. Steyr Motors Betriebs GmbH is an Austrian company specialising in the production of diesel engines (including for defence vehicles and locomotives) based in Steyr.

Steyr Motors Betriebs GmbH transferred all its assets, and thus its operations, to the parent company by way of a merger. The latter was subsequently converted into a joint stock company under Austrian law with its registered office in Steyr under the name ‘Steyr Motors AG’. The merger was entered in the commercial register on 15 October 2024 and the conversion into a joint stock company on 19 October 2024, thus becoming effective.

In the course of the IPO, a total of 1,110,000 new and existing shares of Steyr Motors AG were placed with institutional investors at a price of EUR 14.00 per share. The placement comprised 200,000 new shares from a capital increase and 910,000 shares from the holdings of Mutares. Steyr Motors AG plans to use the net proceeds from the private placement for the further growth of the company and for general business purposes.

Hauck Aufhäuser Lampe Privatbank Principal, based in Frankfurt am Main, acted as sole global coordinator and sole bookrunner for the IPO.

The Binder Grösswang deal team consisted of:

Corporate: Christian Zwick (partner), Johanna Müller (associate), Alexandra Praska (associate)
Capital markets: Florian Khol (partner), Philipp Tagwerker (counsel)
Tax: Clemens Willvonseder (partner)
Employment: Angelika Pallwein-Prettner (partner)
Regulatory: Johannes Barbist (partner), Regina Kröll (partner), Anna Krottendorfer (associate)
The Noerr Partnerschaftsgesellschaft mbB deal team was led by Dr Julian Schulze De la Cruz (partner, capital markets, Frankfurt), Dr Ralph Schilha (partner, corporate, Munich)