FRANKFURT, Germany, Sept. 22 -- Lambda Physik AG, a Coherent Inc. subsidiary, began trading under the stock symbol LPX on the Neuer Markt of the Frankfurt Stock Exchange. UBS Warburg led the underwriting, with Commerzbank AG and Bank Vontobel AG acting as co-leads.
The 35 Euros per share initial issue price was at the high end of the book building range. Lambda Physik AG ended its first day of trading on the German market at 61 Euros per share, bringing its market value to a total of about 808 million Euros. The company sold a total of 3.25 million new shares in the offering as well as 640,000 shares (including over-allotment option) sold by Lambda Physik's minority owner Dirk Basting, who is also the chairman and CEO of the company's Management Board.
Coherent kept its 60.4 percent majority interest in Lambda Physik's outstanding shares. Net proceeds from the offering will go towards internal expansion and strategic acquisitions, said Coherent. In addition, proceeds will be used to fund research and advancement of new applications of extreme UV light sources and the next generation of laser solutions.