Evonik's owners would be selling off an additional two percent of outstanding shares in the company. The German chemical company would pre-empt by two days the planned listing of the group later this month.
According to the one of the sources, "Only institutional investors will be given the opportunity to buy shares during a very short bookbuilding period of one or two days." The source added that the company has chosen not to go into the normal bookbuilding process in an effort to limit the possible investors and avoid retail investors.
The two main owners of Evonik are state controlled trust RAG and CVC, the European buyout firm. The two has agreed to publicly list the shares by April 22 with an estimated valuation of Eur 15 billion or US $19.6 billion for the firm.
The share sale and the 'cold listing' for this month came after previous plans to list the group through the normal IPO process to target a wide spectrum of possible investors. These plans were withdrawn for various reasons.
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