P+P advised institutional investors on the IPO of the online portal windeln.de

Windeln.de AG, online retailer of baby and toddler products, has gone public. On the basis of the issue price for the shares, the offering volume amounted to around 211 million EUR. This corresponds to a rating of almost 500 million EUR for the just under five year old company.

Overall, around 11.4 million shares were placed, 5.4 million of those are newly issued shares from a capital increase, whereas approximately 4.5 million existing shares are from the holdings selling shareholders and approximately 1.5 million shares are connected with an over-allotment.

With regard to the over-allotment, existing shares from certain selling shareholders are borrowed, which can be paid by newly issued shares ("greenshoe option"). Assuming that the greenshoe option will be executed in full, about 42 percent of the share capital will be placed after the IPO. All significant shareholders remain invested in the company. The shares of windeln.de AG is traded on the Frankfurt stock exchange in the regulated market (Prime Standard).

The windeln.de AG was founded in late 2010 in Munich and had a turnover of around 130 million EUR in the fiscal year 2014. Thus, the company has become a leading market position in Germany, Austria and Switzerland.

The Bank of America Merrill Lynch, the Deutsche Bank and Goldman Sachs International acted as joint global coordinators and joint bookrunners, in addition Commerzbank and Berenberg were mandated as joint bookrunners.
P+P Pöllath + Partners advised various institutional investors of windeln.de AG, among others the investment company of P+P's longstanding client DN Capital and the Polish investor MCI as well as the French investor 360 Capital.

The following P+P team was involved:

• Christian Tönies (partner, M&A/VC, Munich)
• Dr. Eva Nase (partner, corporate, capital market law, Munich)
• Dr. Bernd Graßl (partner, corporate, capital market law, Munich)
• Minkus Fischer (associate, M&A/VC, Munich)
• Dr. Sebastian Gerlinger (associate, M&A/VC, Munich)
• Dr. Tobias Hueck (associate, corporate, capital market law, Munich)

P+P Pöllath + Partners has already advised the shareholders of windeln.de GmbH earlier this year on the largest ever funding round.