Springer Nature plans Frankfurt IPO in latest test of market
Adds leverage in paragraph 6, CEO/CFO quotes in paragraphs 7-9, banks involved in paragraph 11
By Emma-Victoria Farr
FRANKFURT, Sept 12 (Reuters) -Springer Nature, publisher of science journal Nature and Scientific American, said on Thursday it plans an initial public offering (IPO) on the Frankfurt Stock Exchange that could be completed by the end of the year.
The German academic research publisher said its planned IPO will consist of a 200 million euro ($220 million) capital increase and a sale of existing shares. Holtzbrinck Publishing Group and BC Partners currently own 53% and 47% stakes respectively.
Springer Nature also intends to pay a dividend of 25 million euros ($27.5 million) for this year, and thereafter an annual dividend of around 50% of annual adjusted net income.
Reuters last week reported that Springer Nature could announce its intention to list in the coming days and previously reported an IPO could value the company at up to 9 billion euros ($10 billion) including debt.
Primary proceeds from the listing are intended to reduce Springer Nature's debt further and optimise its financing structure, a term sheet seen by Reuters showed.
Its annual report shows its financial leverage ratio has been cut to 2.9 times, from 4.6 times in 2019.
Springer Nature CEO Frank Vrancken Peeters told Reuters there was good investor momentum and that this gave its shareholder BC Partners an opportunity to exit its investment.
"This first step of the process is confirmation of the company's journey," he said.
The secondary structure of the deal - the placement of existing shares from the holdings of BC Partners - will be determined in due course, CFO Alexandra Dambeck said.
Springer Nature's IPO plans will be watched closely by other companies planning listings in Europe, after gains by new offerings this year from Swiss skincare firm Galderma GALD.S and private equity firm CVC Capital Partners CVC.AS.
Morgan Stanley MS.N, Deutsche Bank DBKGn.DE and JP Morgan JPM.N are leading Springer Nature's IPO, alongside bookrunners BNP Paribas BNPP.PA, Commerzbank CBKG.DE, Goldman Sachs GS.N and UniCredit CRDI.MI.
Springer Nature postponed its previous IPO plans in 2020 as a result of the COVID-19 pandemic.
In 2023, it reported group revenues of 1.85 billion euros and adjusted operating profit of 511 million euros.
($1 = 0.9077 euros)
Reporting by Rachel More and Emma-Victoria Farr; Editing by Thomas Seythal, Friederike Heine and Alexander Smith
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