S&C Advises Underwriters in innogy SE’s $5.6 Billion Initial Public Offering

October 7, 2016

innogy SE had its first day of trading on the Frankfurt Stock Exchange following an initial public offering consisting of a primary offering of 55,555,000 newly issued shares and a secondary offering of 70,707,000 existing shares by its parent company RWE AG. S&C acted as German and U.S. counsel to the underwriters. Including overallotments, the IPO had a total offering size of €5.0 billion (approximately $5.6 billion), which makes it the largest IPO in Germany since 2000. Following the offering, assuming full exercise of the greenshoe option, RWE AG will continue to hold a 75 percent stake in innogy. The IPO consisted of public offerings in Germany and Luxembourg, a Rule 144A placement to qualified institutional buyers in the United States and private placements to institutional investors in other jurisdictions in reliance on Regulation S.
The innogy group was formed in a series of transactions that separated the distribution networks, supply and renewables businesses of the RWE group from its conventional and nuclear power generation and trading activities. innogy operates electricity and gas grids in Germany and four other European countries, provides energy and related products and services to 23 million customers in 11 European countries, and builds and operates onshore and offshore wind and hydro power plants. In 2015, innogy had combined revenues of around €46 billion and a combined EBITDA of €4.5 billion.
The S&C Frankfurt-based IPO team was led by Messrs. Berrar and Czerniecki.