Hoffmann Liebs advises PFISTERER Holding SE on its successful IPO on the Frankfurt Stock Exchange

 
Under the lead of Dr. Norbert Bröcker and his counsel Sabrina Hemforth, Hoffmann Liebs advised PFISTERER Holding SE as issuer’s counsel on its successful IPO in Frankfurt. Since 14 May 2025, the company’s shares have been traded under the ticker symbol ‘PFSE’ in the Scale segment of the Open Market of the Frankfurt Stock Exchange – an alternative to the EU-regulated General Standard and Prime Standard segments.

As part of the placement, around 6.97 million shares were issued, of which 3.50 million were new shares from a capital increase, around 1.69 million were reallocated shares from the existing shareholders’ holdings and up to 1.00 million were secondary upsizing shares in equal parts from the major shareholders Karl-Heinz Pfisterer and Anna Dorothee Stängel. In addition, approximately 0.78 million shares were made available by the largest shareholder, Karl-Heinz Pfisterer, to cover a potential over-allotment.

The final offer price was set at €27.00 per share. The initial price of the share in Frankfurt was significantly above the issue price at €30.00.

If the over-allotment option is exercised in full, the placement volume will amount to 188 million euros, of which Pfisterer will receive around 95 million euros. The free float after the IPO is around 38.5%.

The expected gross proceeds from the capital increase will be used primarily to expand production capacity, automation and infrastructure, and technological developments, particularly in the field of high-voltage direct current (HVDC) technology. In addition, targeted strategic M&A investments are planned to further drive international growth.
 

PFISTERER is an independent technology company based in Winterbach near Stuttgart that develops, manufactures and distributes connection technology and insulation systems for power grids. The company operates internationally and its product portfolio covers all interfaces of the power infrastructure – from generation to transmission and distribution of electrical energy, on land, at sea and in the air. With around 1,200 employees at 17 locations in 15 countries, PFISTERER’s goal is to actively shape the global growth of energy infrastructure through technological solutions.
 

Dr. Norbert Bröcker (Partner, Corporate and Capital Markets Law) comments:
 

“The successful IPO in what remains a challenging capital market environment marks a significant milestone for PFISTERER, a family-owned industrial company with over 100 years of history. We are therefore delighted to have supported PFISTERER in this strategic step onto the capital market, thereby contributing to the financing of its further growth and strengthening its technological position.”

In addition to Hoffmann Liebs, Covington acted as further issuer’s counsel, in particular for prospectus issues and the US placement.

Berenberg and Commerzbank (in cooperation with ODDO BHF) acted as joint global coordinators and joint bookrunners, supported by Landesbank Baden-Württemberg as co-global coordinator and ICF BANK as co-manager. The banking syndicate was advised by A&O Shearman.

Advisors to PFISTERER HOLDING SE:
 
Hoffmann Liebs (share law, IPO capital increase): Dr Norbert Bröcker (partner, corporate and capital markets law, Dusseldorf), Sabrina Hemforth, LL.M. (counsel, corporate and capital markets law, Dusseldorf)

Covington (prospectus and US placement): Dr Henning Bloss, Dr Jörn Hirschmann, Dr Björn Schneider

Advisors to the banking syndicate:
 
A&O Shearman (Dr Knut Sauer, Nadine Kämper, Deniz Demirelli)
 

About Hoffmann Liebs
 
Hoffmann Liebs is a full-service commercial law firm based in Dusseldorf. Since 1974, over 60 lawyers have been advising medium-sized companies and international corporations as well as the public sector. The portfolio covers almost all areas of law relevant to corporate practice.