Hexmac - good things come in small packages!
Going public - primary offering update (Hexmac)
GoingPublic-Online,
26.09.00
Shares in the software producer for Internet infrastructure, Hexmac
(WKN 522 761), can be subscribed between September 26 and 28 in
a price range of 15 to 18 euros.
The initial listing on Germany's Neuer Markt is to be on October
2nd. The consortium comprises HypoVereinsbank (lead) and Delbr�ck
& Co. Including the greenshoe, a total of 1.3 million shares, of
which 1 million stem from a raise in share capital, will be issued.
After the listing, the free float will amount to around 42% - after
exercising the additional allocation option.
Hexmac, founded in 1993 has remained largely in the background,
originally developing and marketing an editorial system for Internet
sites. For example, the Hexmac Web publishing software is the basis
for the Internet sites of Focus-Online, TV Today and Bild-Online.
The technology platform has been developed constantly over recent
years, so that the Hexmac product has grown into a document management
and realtime messaging system with integrated e-business solutions.
The company's head office is in Leonberg near Stuttgart and it has
further sites in Hamburg, Munich and Kempten. In all, Hexmac currently
employs 55 staff.
After the stock exchange listing, Hexmac plans to greatly extend
its sales. By outsourcing much of its direct sales to partner companies,
the share of licensing income is to rise from the current 50 % up
to 70 %, while the share of income raised by the service division
is to be reduced to 30 %. From 2001 onwards, other European markets
such as Great Britain and the Scandinavian region are to concentrated
on in addition to Germany. A further expansion into Asia and the
United States is scheduled for 2001 to 2002.
The most comparable companies on the Neuer Markt are PiroNet and
Gauss Interprise. From the point of view of the planned 2001 sales
multiples, these have a similar valuation (PiroNet: 5.1; Gauss:
6.2) to that of Hexmac (KUV: 5.5) at the upper end of the book building
range. The forecast sales for the coming 12 month period of around
10 million euros is to be doubled by 2002. Until this time, start-up
losses of around 10 million euros will be incurred. A positive annual
result is not expected until 2002 with 0.04 euros per share.
With a market capitalization of 55 million euros at the time of
listing, Hexmac is one of the smallest companies on the Neuer Markt.
A technology-leading software product, a comparatively high share
of sales in licenses, and top-class reference customers make Hexmac
a promising niche provider. Due to the large number of shares held
by private investors amounting to more than 42 %, the Leonberger
company could also become a takeover target. Although the reliability
of the forecasts is still somewhat unsure, investors willing to
take a risk should consider an engagement in this company, especially
in view of the reasonable issue price.
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