Deutsche Börse welcomes consumer goods retailer in Prime Standard
As of 7 December, Steinhoff International Holdings N.V. (ISIN: NL0011375019) is listed in the Prime Standard of the Frankfurt Stock Exchange. The issue price was €5.00, the market capitalisation totals €19.31 billion.
The listing was accompanied by Commerzbank AG, who is also acting as a designated sponsor on Xetra. Equinet Bank AG holds the role of the specialist on Börse Frankfurt.
According to the company, Steinhoff is a leading retailer that manufactures, sources and retails furniture, household goods and general merchandise in Europe, Australasia and Africa. Retail operations are positioned towards value conscious consumer segments, providing them with affordable products through a vertically integrated supply chain. Steinhoff has more than 40 brands trading through 6,500 shops. The company generates over 60 percent of its revenues from Europe. Bruno Steinhoff founded the company bearing his name in 1964 in Westerstede, Germany. In 1997, the Steinhoff family acquired a stake in South African furniture company Gommagomma Holdings and the following year the merged entity listed on the Johannesburg Stock Exchange (JSE) under the name Steinhoff International Holdings Ltd. Since its JSE listing, Steinhoff has grown into a large integrated business with 90,000 people in 30 countries worldwide.