Evonik Owners Expect IPO Decision in April
The owners of German chemical maker Evonik are mulling plans for an initial public offering (IPO) and expect to make a decision in April, a spokesman for majority owner RAG foundation said on Wednesday.
"The owners have started examining the details of an initial public offering," the spokesman for RAG said.
Evonik's chief executive, Klaus Engel, has reiterated repeatedly that the group has the potential to float and that preparations for a market debut were underway.
But in an interview with Germany's Handelsblatt daily published on Wednesday, he said that it may take up to around one year to conclude preparations for the IPO.
Private equity firm CVC Capital Partners bought a 25% stake in Evonik in 2008, which it still owns.
The European IPO market is picking up significantly and analysts and bankers are bracing for a flurry of listings over the next two months.
British racing team Williams Grand Prix Holdings floated on the Frankfurt stock exchange earlier this month. Container shipping company Hapag Lloyd and German property group GSW are tipped to float before Easter.
German bicycle maker Derby Cycle and software group RIB completed market debuts in February.