IPO was outstanding accomplishment

innogy wins Börsen-Zeitung newspaper’s Corporate Finance Award in the IPO category

It was the largest flotation in Europe last year, and the second largest worldwide: innogy’s launch on the stock market on 7 October. The IPO opened up new strategic opportunities for both RWE and innogy. In Frankfurt on Thursday, Peter Terium received the Corporate Finance Award for the best IPO in 2016, presented by the Börsen-Zeitung (the daily newspaper for the German stock exchanges) in cooperation with PricewaterhouseCoopers (PwC). The award commends transactions that are outstanding in terms of both corporate strategy and financial engineering.

Terium expressed his particular gratitude towards the employees at innogy and RWE for this remarkable achievement and pointed out just how important the public offering was for innogy as well as RWE.

I am extremely happy about this award and really proud of our team! Our employees have put an incredible amount of effort into the transaction, and it is not least because of this the stock market launch has become a tremendous success.
Peter Terium

Just ten months after the announcement of innogy’s flotation, the company’s stock was listed on the Frankfurt Stock Exchange for the first time. “The time schedule for the restructuring of our company was extremely demanding,” Chief Financial Officer Bernhard Günther stresses. It was an astounding joint effort on the part of the employees – and it has truly paid off.


Even now, eight months after the flotation, the strategy for RWE and innogy has proven successful, even breaking a number of records:

  • In terms of total issue volume, innogy’s flotation was not only the second largest in the world but also the largest in Europe 2016
  • It was also the largest flotation in Germany since the national postal service, Deutsche Post, went public in 2000  
  • innogy acquired two billion euros for investment as a result of the placement of new shares 
  • At the same time RWE earned 2.6 billion euros through the placement of existing innogy shares
  • Right off the bat, this provided innogy with a market capitalisation of around 20 billion euros.


The primary consideration behind the IPO was the future sustainability of the entire Group

“Our main aim was to open strategic doors for our parent group RWE and for innogy,” Bernhard Günther explained in an interview with the Börsen-Zeitung newspaper. “We started by splitting off from RWE and allocating part of the business to innogy.” This new division was therefore given an opportunity to attract fresh capital resources. Günther added that the move came with “a side benefit, when you see the scale of what we’ve achieved. […] We received a lot of support for the concept, so there obviously wasn’t a fly in the ointment there.” With regard to the IPO on 7 October 2016, he commented that the timing had been perfect, with many investors seeing shares in highly regulated companies like innogy as a kind of substitute for fixed-interest investments, which were no longer yielding strong returns.

“It was lucky, because the market conditions at exactly this time there resulted in strong demand for shares like innogy,” Günther concludes. “I’m not going to lie: if this had happened five weeks later after the US elections, you probably wouldn’t have seen that kind of price anymore.” 

An additional stimulus that boosted the success of the IPO came from a large investment by BlackRock, which innogy won over right at the start of the company’s launch. “It sends out an incredibly important signal when one of the biggest privately owned investors in the world stakes nearly a billion euros,” says Günther.

About the awards:

The Börsen-Zeitung newspaper presented the Corporate Finance Awards for the seventh time this year. The awards commend outstanding transactions in 2016. Criteria include the size, complexity and originality of the transaction, as well as the corporate concept behind the transaction. The recipients of the awards in five categories were: Large Caps: Fresenius, Mid/Small Caps: Kion, M&A: Bayer, IPO: innogy and Digital: Siemens. The awards were presented on 22 June in Frankfurt, in the Sky Lobby of “Tower 185” at PwC, who cooperated as partner for the awards.

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