- Start of stock market trading: Opening bell rings in initial price of EUR 47.4
- ATX fast entry: BAWAG Group AG in ATX as of 27 October
- RHI leaves ATX after merger; RHI Magnesita starts trading in 'global market' segment
(Vienna) BAWAG Group AG starts trading on the prime market today, the top segment of the Vienna Stock Exchange. The stocks got off to a good start and will be added to the leading Austrian index, the ATX, on the second day of trading, 27 October 2017, under the fast-entry rule. At a weighting of more than 4%, it is one of the ATX heavyweights. The ATX will continue to have 20 stocks: After the merger with Magnesita, RHI AG will be removed from the leading index effective 27 October 2017. RHI Magnesita N.V. will be traded on the 'global market' segment in the future.
At the start of trading, BAWAG CEO Anas Abuzaakouk rang the opening bell jointly with Christoph Boschan, CEO of the Vienna Stock Exchange. “We are very happy to welcome BAWAG to the Vienna Stock Exchange. This is the largest initial public offering in Austria’s history,” said Christoph Boschan, CEO of Wiener Börse AG. “Our market has very clear advantages - we offer Austrian companies the highest levels of visibility and liquidity. By being directly included in the leading index from the beginning, the stock draws maximum attention on the market. Additionally, investors can rely on transparency and efficient price discovery.“
Largest initial public offering in the history of the Vienna Stock Exchange
The market capitalization of the BAWAG Group AG was EUR 4.7 billion at the start of trading. The placement price was EUR 48 and the initial exchange price was EUR 47.4. Of the total of 100 million shares of the company, 39.9% are free float. With a history of over 130 years and 2.2 million customers, BAWAG Group AG is one of Austria’s leading financial institutions according to the company. The investment banks Citigroup, Credit Suisse, Goldman Sachs, JP Morgan and Morgan Stanley supported the initial public offering. Commerzbank and Raiffeisen acted as co-lead managers for the IPO, and Rothschild & Co as IPO advisors.
The Austrian bank's initial public offering yielded proceeds of around EUR 1.93 billion (incl. greenshoe) with the largest initial public offering in the history of the Vienna Stock Exchange. Before the IPO of BAWAG Group AG, the ranking of the largest initial public offerings in Vienna was led by Strabag SE (2007: EUR 1.3 b) ahead of Raiffeisen International Bank AG (2005: EUR 1.1 bn) and Telekom Austria AG (2000: EUR 1 bn). The initial public offering of BAWAG Group AG has been the largest bank IPO in the region of Germany, Austria and Switzerland (DACH) since 2000, ahead of the IPO of Postbank with an issuing volume of EUR 1.55 bn in 2004 and Pfandbriefbank with an issuing volume of EUR 1.15 bn in 2015. The last IPO in Germany larger than that of BAWAG Group AG took place in the year 2000 with the listing of T-Online (volume: EUR 2.9 bn.). The transaction in 2017 is Europe’s third-largest IPO and one of the top 10 IPOs worldwide, based on PWC’s latest IPO ranking.
The average monthly trading volume of the Vienna Stock Exchange of EUR 5.5 billion marks the highest level since 2010. The largest and most frequently-traded stocks are Erste Group Bank AG, OMV AG, voestalpine AG, Raiffeisen Bank International AG and Andritz AG. The Austrian leading index achieved a gain of 29.31% (+32.68% incl. dividends) this year, making it one of the global top-performing national stock indices.
“2017 has been very successful for the Vienna Stock Exchange. Apart from initial public offerings, it has been introducing new international stocks to its quotation list over the past few months. We have created new investment opportunities in our ‘global market’ segment, including through ETF trading,” explained Christoph Boschan.
RHI Magnesita N.V. newly stock on 'global market' segment
The merger of RHI and Magnesita to create RHI Magnesita N.V. means that the new shares of RHI Magnesita N.V will start trading on the ‘global market’ as of 27 October. After the merger and the inclusion of RHI Magnesita N.V. in the Third Market (MTF), the new company no longer meets the criteria for the ATX, the leading index of the exchange. The leading ATX index will therefore have exactly 20 stocks again as of 27 October.
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About the Vienna Stock Exchange
The Vienna Stock Exchange is the only securities exchange in Austria. It features a modern infrastructure and supplies market data and relevant information. It offers Austrian companies maximum visibility, high liquidity and utmost transparency. Investors can rely on the smooth and efficient execution of exchange trades. The Vienna Stock Exchange operates a central market datafeed for Central and Eastern Europe (CEE) and is well established as an expert for the calculation of indices with a reference to the region. Wiener Börse AG, together with its holding company, CEESEG, cooperates with over ten exchanges in CEE and is globally recognized for this unique know-how.
Disclaimer
This press release contains forward-looking statements and forecasts based on assumptions and expectations valid at the time of publication. These forward-looking statements involve risks and uncertainties, and therefore, actual developments or events may turn out to be completely different from those expressed or implied by such statements. Forward-looking statements should not be understood as a guarantee of future developments or events, nor should readers place undue reliance on such statements. Wiener Börse AG does not assume any liability for the forward-looking statements or forecasts, and actual events may differ materially from those expressed in these forward-looking statements or forecasts. The forward-looking statements in this press release are based on assumptions and expectations current at the time of publication and will not be updated at a later time. None of the information or statements contained in this press release may be construed as a solicitation to buy or a recommendation to invest by Wiener Börse AG and neither can these serve as a basis for investment decisions in any country or for any person.