Three ques­ti­ons for Jörg Lei­nen­bach, CFO IBU-tec advan­ced mate­ri­als AG

1 IBU-tec advan­ced mate­ri­als AG was the first new issue in the Sca­le tra­ding seg­ment on the Frank­furt Stock Exchan­ge. What advice would you give to com­pa­nies con­si­de­ring going public — in pre­pa­ra­ti­on for and after the IPO?

IBU-tec’s IPO was embed­ded in a clear stra­te­gic frame­work. The ques­ti­on of finan­cing had to be cla­ri­fied in order to imple­ment the agreed growth stra­te­gy. After weig­hing up all the pros and cons, the IPO opti­on ulti­mate­ly pre­vai­led over tra­di­tio­nal bank finan­cing, pri­va­te equi­ty or bond models. In addi­ti­on, it should be noted that a pos­si­ble IPO was alrea­dy con­si­de­red in 2008, but was not car­ri­ed out at the time due to the eco­no­mic cri­sis. Nevertheless, over the years con­ta­ct with the part­ners, inclu­ding Blätt­chen & Part­ner and the ICF Bank, was always main­tai­ned. This made it pos­si­ble to start the pro­ject at short noti­ce after the basic decisi­on had been made. It was important to us that the majo­ri­ty ratio and the “co-deter­mi­na­ti­on” by the new inves­tors remain “cal­cul­ab­le” for us after the inten­ded capi­tal incre­a­se. At the same time, we wan­ted to attract a cer­tain num­ber of stra­te­gic inves­tors to IBU-tec in any case. To achie­ve this goal, we have cho­sen the path of an ear­ly pri­va­te pla­ce­ment. Pri­or to the actu­al IPO, we car­ri­ed out an upstream road­show and met around 250 poten­ti­al insti­tu­tio­nal inves­tors in the Ger­man-spea­king finan­cial cen­tres (in Ger­ma­ny, Aus­tria, Switz­er­land and Luxem­bourg). This gave us mar­ke­ting secu­ri­ty pri­or to the initi­al lis­ting and, in addi­ti­on to the retail mar­ke­ting volu­me pro­vi­ded for in the Sca­le, enab­led us to achie­ve our goal of brin­ging stra­te­gic inves­tors on board. The decisi­on not to expand our mar­ke­ting acti­vi­ties to inter­na­tio­nal finan­cial cen­tres (such as Lon­don) was part­ly due to the fact that this would have made the pro­ject signi­fi­cant­ly more expen­si­ve and that we ulti­mate­ly did not con­si­der the added value to be ade­qua­te.  In addi­ti­on to the equi­ty sto­ry, the com­pa­ny and the busi­ness model its­elf, the issue pri­ce of the share was par­ti­cu­lar­ly important for the stra­te­gic, insti­tu­tio­nal inves­tors, as the pre­vious owner fami­ly had given a clear signal for a long-term com­mit­ment to the com­pa­ny and docu­men­ted this through cor­re­spon­ding lock-up peri­ods. Inves­tors also took a posi­ti­ve view of the fact that we offe­red shares from a capi­tal incre­a­se and only the shares for the green­shoe came from the hol­dings of the pre­vious owners, which was abso­lute­ly con­sis­tent with the goal of finan­cing growth. Some insti­tu­tio­nal inves­tors were cri­ti­cal of the size of the com­pa­ny and the expec­ted low free float after the IPO, which in turn was part­ly reflec­ted in the asking pri­ce. The sca­le was con­cei­ved by Deut­sche Bör­se as a qua­li­ty stan­dard and thus in respon­se to the nega­ti­ve expe­ri­ence with the “Neu­er Markt”, which means that poten­ti­al IPO can­di­da­tes must first “qua­li­fy” for it. Com­pli­an­ce with the admis­si­on requi­re­ments and defi­ned stan­dards was then che­cked by the Frank­furt Stock Exchan­ge pri­or to the IPO on the basis of the stock exchan­ge pro­spec­tus. The first step that had to be imple­men­ted for us was the­re­fo­re the pre­pa­ra­ti­on of the stock exchan­ge pro­spec­tus. A pro­cess that was very exten­si­ve and time-con­suming for a medi­um-sized com­pa­ny like IBU-tec. A core team of 3–4 peop­le, inclu­ding the admi­nis­tra­ti­ve struc­tures (accoun­ting, con­trol­ling, etc.), ulti­mate­ly imple­men­ted the pro­ject, wher­eby a high degree of dis­cre­ti­on was necessa­ry and was ulti­mate­ly rea­li­sed. It was advan­ta­ge­ous at this point that with EY, we had an annu­al audi­tor on board for several years who has out­stan­ding exper­ti­se in the­se pro­ces­ses. The other part­ners are also very important in the pro­cess and were all pro­cess pro­ven. In our opi­ni­on, the bank accom­pany­ing the IPO should fit the size of the com­pa­ny. We did not con­si­der a major inter­na­tio­nal bank sui­ta­ble for our IPO, for examp­le, and did very well in retro­spect with ICF Bank in Frank­furt, which spe­cia­li­ses in smal­ler IPOs, among other things. Fur­ther part­ners are the lawy­ers spe­cia­li­sing in this field of law, who play an important role both in the pre­pa­ra­ti­on of the pro­spec­tus and sub­se­quent­ly in an advi­so­ry capa­ci­ty in the various “pit­falls” of stock cor­po­ra­ti­on law and the Secu­ri­ties Tra­ding Act. Last but not least, an IR agen­cy is an indis­pensable part­ner both pre- and post-IPO. The num­ber of play­ers in this game alo­ne shows that an IPO is a signi­fi­cant cost item, which, depen­ding on the tran­sac­tion volu­me, can amount to up to 10% of gross pro­ceeds depen­ding on the tran­sac­tion volu­me and is the­re­fo­re not a very favoura­ble finan­cing method. Regard­less of this, with Blätt­chen & Part­ner we had taken on board an inde­pen­dent con­sul­tant to “balan­ce” the inte­rests during the pro­ject, if necessa­ry.  All in all, one must be awa­re that both the IPO its­elf and the “being public” invol­ves a num­ber of issu­es which, on the one hand, ent­ail addi­tio­nal expen­ses, but which, on the other hand, also pose signi­fi­cant chal­len­ges to the orga­niz­a­ti­on of a medi­um-sized com­pa­ny. For examp­le, the qua­li­ty of inter­nal and exter­nal accoun­ting, which should gene­ra­te reli­able figu­res via the fore­cas­ting pro­ces­ses. The ongo­ing con­sul­tancy cos­ts for IR, for the annu­al audit, for legal advice such as the hol­ding of gene­ral mee­tings etc. also repre­sent clear annu­al cost items in the ongo­ing pro­cess. In addi­ti­on, the acti­vi­ties invol­ved in main­tai­ning the share pri­ce, such as par­ti­ci­pa­ti­on in inves­tor con­fe­ren­ces, the hol­ding of road­shows and the pre­pa­ra­ti­on of cor­po­ra­te news, tie up signi­fi­cant manage­ment capa­ci­ty in a com­pa­ny of our size. Pri­ce fluc­tua­tions that have not­hing to do with the company’s per­for­mance must at least be con­si­de­red and accep­ted. Con­clu­si­on: The decisi­on to go public should be made in a cor­po­ra­te stra­te­gy con­text. Sui­ta­ble part­ners and suf­fi­ci­ent resour­ces are essen­ti­al in the pre­pa­ra­ti­on and imple­men­ta­ti­on pha­se. Tran­sac­tion volu­me and type of mar­ke­ting should be care­ful­ly con­si­de­red. The equi­ty sto­ry, com­pa­ny key figu­res and com­pa­ny goals must be pre­sen­ted coher­ent­ly and trans­por­ted “cris­ply”. Run­ning cos­ts and part­ly necessa­ry adjus­t­ments in the admi­nis­tra­ti­ve struc­tures as well as the cos­ts for the IPO its­elf are signi­fi­cant and must be con­si­de­red in the decisi­on. Ongo­ing pri­ce manage­ment is some­ti­mes stre­nuous and unfor­tu­n­a­te­ly not always suc­cess­ful due to over­lap­ping gene­ral stock mar­ket trends.

2 Last year IBU-tec acqui­red BNT Che­mi­cals GmbH, a com­pa­ny spe­cia­li­sing in wet che­mi­cal pro­ces­ses. What syn­er­gies exist with the pre­vious busi­ness model and to what extent can IBU-tec fur­ther streng­t­hen its cus­to­mer rela­ti­ons­hips?

With the acqui­si­ti­on of BNT Che­mi­cals GmbH in Bit­ter­feld (inor­ga­nic growth), IBU-tec has suc­cee­ded in acqui­ring a com­pa­ny which, in addi­ti­on to signi­fi­cant expan­si­on of its pro­duct and cus­to­mer port­fo­lio, is also expec­ted to gene­ra­te noti­ce­ab­le syn­er­gy effects with IBU-tec’s pro­duc­tion site in Bit­ter­feld, which is cur­r­ent­ly under con­struc­tion. IBU-tec has repo­si­tio­ned its­elf through this acqui­si­ti­on, as the ser­vice-based busi­ness model in the are­as of rese­arch and deve­lo­p­ment and pro­duc­tion has been sup­ple­men­ted by its own pro­ducts. BNT’s pro­ducts in the field of orga­no­tin-metal com­pounds ope­ra­te in a niche mar­ket and do not com­pe­te with IBU-tec’s ser­vice busi­ness. In par­ti­cu­lar, howe­ver, the acqui­si­ti­on of BNT Che­mi­cals GmbH com­ple­ted the che­mi­cal value chain. The dry­ing and cal­ci­na­ti­on pro­ces­ses at IBU-tec are seam­less­ly lin­ked to the wet che­mi­cal pro­ces­ses for which BNT Che­mi­cals GmbH has the core com­pe­tence. We are con­fi­dent that this will enab­le us to pro­vi­de our cus­to­mers with an even more attrac­ti­ve and com­ple­te ran­ge of ser­vices.

3 IBU-tec has strong growth in bat­te­ry mate­ri­als. What exact­ly does this mean and what con­tri­bu­ti­on can IBU-tec bat­te­ry mate­ri­als still make to impro­ving the bat­te­ries of electric cars?

IBU-tec ope­ra­tes in the mar­ket as a high­ly spe­cia­li­sed deve­lo­p­ment and pro­duc­tion ser­vice pro­vi­der to the indus­try for ther­mal pro­cess engi­nee­ring for the tre­at­ment of inor­ga­nic pow­der mate­ri­als and gra­nu­la­tes. The fiel­ds of app­li­ca­ti­on of the trea­ted mate­ri­al sys­tems are very com­plex. The pow­ders can be found in app­li­ca­ti­ons for auto­mo­ti­ve or che­mi­cal cata­lysts, in pro­ducts for the buil­ding mate­ri­als indus­try, in raw mate­ri­als for the che­mi­cal indus­try and even in life sci­ence pro­ducts. For some years now, bat­te­ry mate­ri­als have repre­sen­ted ano­t­her major part of the busi­ness. A long-stan­ding part­ners­hip with BASF, initi­al­ly star­ted as a pure deve­lo­p­ment coope­ra­ti­on, has been estab­lis­hed and expan­ded over the years up to the point of a sup­plier rela­ti­ons­hip for bat­te­ry mate­ri­als of a cer­tain spe­ci­fi­ca­ti­on. The exper­ti­se acqui­red here over the years has also led to IBU-tec beco­m­ing an inte­res­ting part­ner for other play­ers in the mar­ket. Now that the topics of e‑mobility in the con­text of the die­sel scan­dal and “sta­tio­na­ry ener­gy sto­rage” in con­nec­tion with the expan­si­on of rene­wa­ble ener­gies have gai­ned con­si­derable momen­tum, we have suc­cee­ded in acqui­ring many inte­res­ting pro­jects in this field. The spec­trum here ran­ges from the pro­duc­tion of pow­der mate­ri­als for sta­tio­na­ry ener­gy sto­rage sys­tems to deve­lo­p­ment part­ners­hips for newer, more modern bat­te­ry mate­ri­als that pur­sue the goal of ligh­ter, more power­ful and thus ran­ge-opti­mi­zed bat­te­ry cells. The cus­to­mer base in this seg­ment is as broad as the varie­ty of bat­te­ry mate­ri­als. In addi­ti­on to lar­ge, inter­na­tio­nal groups, we also work on the­se issu­es with smal­ler start-up com­pa­nies. It is important to know that IBU-tec does not manu­fac­tu­re bat­te­ries, but only sup­plies the necessa­ry anode and catho­de pow­ders. For the deve­lo­p­ment of pro­ces­ses and mate­ri­al sys­tems, cus­to­mers can rely on IBU-tec’s many years of expe­ri­ence in the deve­lo­p­ment and pro­duc­tion of inor­ga­nic raw mate­ri­als using ther­mal pro­ces­ses in the tem­pe­ra­tu­re ran­ge from 200 °C to 1,550 °C. IBU-tec’s core com­pe­ten­ci­es, such as labo­ra­to­ry ana­ly­sis, mate­ri­als and pro­cess engi­nee­ring pro­cess deve­lo­p­ment and pro­cess mea­su­re­ments, offer cus­to­mers an extre­me­ly effi­ci­ent com­ple­te ran­ge of ser­vices, which pro­vi­des them with the know-how to pro­du­ce the desi­red mate­ri­als in a com­pact and com­pa­ra­tively short time.

 

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