Cherry AG Prices IPO At EUR 32/shr

Cherry AG, a manufacture of premium mechanical gaming switches and peripherals for gaming, office and industry as well as healthcare and security applications, said that it has set the final offer price for the shares offered in its initial public offering at 32 euros per share.

At the final offer price of 32 euros per share, the total volume of the IPO was significantly oversubscribed. The first day of trading for the company's 24.30 million shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange is planned for 29 June 2021.

The total number of shares and the final offer price corresponds to a market capitalization of 778 million euros.

In the context of the offering, 4.30 million new ordinary bearer shares from a capital increase of the company and 8.70 million existing ordinary bearer shares from the Selling Shareholder were placed. The total volume of the IPO amounts to 416 million euros.

The company's gross proceeds from the placement of the 4.30 million new shares amounts to 138 million euros.

Cherry plans to use the net proceeds from the IPO to fuel organic growth, in particular to advance and expand Cherry's position as a global brand and innovation leader, drive inorganic growth through selective acquisitions, and repay certain outstanding debt in connection with a refinancing of existing debt.

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