Austria: Schoenherr advises underwriters on successful IPO of ASTA Energy Solutions AG in Frankfurt

The bank syndicate comprised Berenberg as sole global coordinator, joint bookrunner and underwriter, COMMERZBANK (in cooperation with ODDO BHF) and Raiffeisen Bank International, both as joint bookrunners and underwriters, and Baader Bank as co-lead manager.

The total placement volume amounted to approx. EUR 190m, assuming full exercise of the Greenshoe option, with approx. 6.45m shares placed as part of the offering. Offer shares placed at an offer price of EUR 29.50 per share comprised approx. 4.24m new shares from a capital increase (New Shares), approx. 1.37m secondary shares from the holdings of ETV Montana Tech Holding GmbH and Makra GmbH, and approx. 840,000 existing shares from the holdings of ETV Montana Tech Holding GmbH to cover over-allotments (Greenshoe option).

The company achieved gross primary proceeds from the sale of the New Shares of around EUR 125m. Its free float will amount to approx. 39 %, assuming full exercise of the Greenshoe option. As of closing of the offering, ETV Montana Tech Holding GmbH and Makra GmbH will jointly retain the majority shareholding with a combined stake of approx. 54.7 % (assuming full exercise of the Greenshoe option).

On the basis of guaranteed allocations in exchange for their pre-commitments, a total of around EUR 55m was allocated to cornerstone investors.

Trading of the company's shares on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange commenced on 30 January 2026, with a first trading price of EUR 43.00, significantly exceeding the offer price.

"We are delighted to have been involved in this outstanding equity capital market transaction," said Schoenherr Partner and Co-Head of the firm's Capital Markets practice, Christoph Moser. "Given our experience with equity capital market transactions in Austria, Schoenherr was ideally positioned to advise on Austrian law aspects in the context of the IPO."

"Congratulations to ASTA and the banks on this successful IPO – a landmark transaction for an Austrian-headquartered company accessing the international capital markets," added Counsel Angelika Fischer, who led the transaction together with Christoph Moser.

The Schonherr team advising on Austrian law consisted of Christoph Moser (Partner), Angelika Fischer (Counsel), Daniel Gritsch (Associate), Marco Thorbauer (Partner) and Sarah Dräxler (Associate).

Linklaters LLP (lead: Alexander Schlee, Tosan Kraneis, Alexander Gatlin) advised the underwriters as lead counsel.

ASTA Energy Solutions AG was advised by DLA Piper (lead: Roland Maaß, Juliane Poss, Christian Temmel and Christian Knauder-Sima)