Hensoldt listing aims for $474 million

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Private equity-owned German defence supplier Hensoldt will rake in at least 400 million euros ($474 million) in its planned initial public offering, the company said.

The former Airbus unit, which buy-out group KKR bought in 2016, plans to sell up to 45,81 million shares, including upsize and green shoe options.

Total proceeds could reach 580 million euros as the number of shares sold will be lower if the upper end of the 12-16 euro pricing range is reached. The free float will be 32%-44%.

Reuters reported the listing last week.

The share sale could give the group an enterprise value up to 2.61 billion euros ($3.09 billion), at the lower end of the span previously given by sources.

The offer period for shares in Hensoldt, which competes with groups such as Ultra Electronics and Mercury Systems, is expected to run from September 16 to 23, with the first day of trading slated for September 25.