The second largest manufacturer of fork lifts in the world, Kion Group has said it is ready to undertake an initial public offer of shares. It tempered its announcement though by saying it is not in a rush, according to German daily Frankfurter Allgemeine Zeitung, quoting the CEO of Kion.
Kion is owned by Golman Sachs, KKR and Shandong Heavy and they have been monitoring the market conditions for the IPO sale according to Kion CEO Gordon Riske, as reported in the German paper.
Riske said, according to the paper, "The situation at the capital market is good... even though the sentiment of investors is sometimes volatile."
The IPO is said to be one of the largest share sales in Germany this year. According to a Reuters news report last May 2, which quoted anonymous sources familiar with the sale, that 25% of the shares of the company would most likely be listed in the said sale, with an overall enterprise value of about Eur2.5 billion or US$3.2 billion.
Also in the German magazine news report, the purchase of shares by Weichai, Shandong Heavy's subsidiary, is to improve the company's access to the Chinese industrial market.
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