Continental: Vitesco publishes ipo prospectus
(CercleFinance.com) - On Wednesday Vitesco Technologies, the advanced powertrain subsidiary of German automotive supplier Continental, published data on its financial situation ahead of its IPO, which is scheduled for 16 September in Frankfurt.
In its prospectus, the Bavarian group explains that the first six months of the year have boosted its growth, despite market conditions that are deemed "difficult".
Vitesco said it had equipped nearly 500,000 vehicles with its electrification systems during the first half of the year, which resulted in revenues of 4.4 billion euros (+29%) and adjusted Ebit of 84 million euros.
However, the document does not give any details on the planned IPO price, nor on shareholding commitments made by Continental.
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