Equity Capital Markets Transactions

tinyBuild is a global video games publisher and developer, with a strong catalogue of premium titles across a variety of genres. tinyBuild's strategy is to focus on owning intellectual property (IP) to build multi-game and multimedia franchises, in partnership with developers.

Ticker: TBLD LN

Country: United Kingdom

Sector: Media

Listing: London Stock Exchange (AIM)

Market Cap pre Transaction: c. GBP 5m

Offering: c. GBP 9.4m

Offer price: 5 pence

Use of Proceeds: To fund the $3.5m Settlement agreement announced on 5 December 2023, to invest in software development during 2024 and for working capital purposes

Berenberg Role: Sole Bookrunner and Nominated Adviser

Timing:

• Launch: 21 December 2023
• Trade: 21 December 2023 (Pricing & Allocation)
• Special Meeting: 18 January 2024 (placing conditional on approval)
• Expected Settlement: 19 January

Jubilee metals group is a diversified and leading metal recovery business listed on both the LSE and JSE. It has platinum-group-metal (PGM) and chrome operations in South Africa and copper operations in Zambia.

Ticker: JLP LN / JBL SJ

Country: United Kingdom and South Africa

Sector: Precious Metals

Listing: London Stock Exchange (AIM) / Johannesburg Stock Exchange

Market Cap pre Transaction: c. GBP 185m

Offering: c. GBP 13m

Offer price: 5.50 pence

Use of Proceeds: To fund capital investment into Jubilee Metal’s Copper Waste Rock Project in Zambia

Berenberg Role: Joint Bookrunner

SYNDICATE: Joint Bookrunners: Berenberg, WH Ireland

Timing:

• Launch:15 December 2023
• Trade: 15 December 2023 (Pricing & Allocation)
• General Meeting: 3 January 2024 (placing conditional on approval)
• Expected Settlement: 4 January

Solvay is a leading manufacturer and distributors of a broad range of chemical and plastic products, servicing several industries such as agriculture, automotive, construction, healthcare etc.

Country: Belgium

Sector: Chemicals

Listing: Euronext Brussels and Euronext Paris

Deal type: Spin Off

Spin Off structure & rationale: Former Solvay company separated into two independent publicly traded companies by way of spin-off of specialty activities to Syensqo. Solvay will carry on the legacy as a frontrunner in essential chemicals on a global scale whereas Syensqo is a true science company at the service of disruptive technologies in light weighting, electrification, digitalization, resources efficiency and biomaterials. Solvay and Syensqo started trading as separate entities on Euronext Brussels and Paris under their respective ticker symbols on December 11, 2023

Berenberg Role: ECM Advisor

Timing:

• Initial announcement of project: 15 March 2022
• Completion of demerger: 9 December 2023
• First Day of Trading of separate entities: 11 December 2023

Sirius real estate is a London-listed company that is a leading owner and operator of branded business parks in Germany and the UK. This also includes various types of commercial real estate including logistics, industrial, storage and office space.

Ticker: SRE LN

Country: United Kingdom

Sector: Real Estate

Listing: London Stock Exchange (Main Market)

Market Cap pre Transaction: c. GBP 1.1bn

Offering: c. GBP 145m

Offer price: 86 pence

Use of Proceeds: To enable the company to execute on a strong pipeline of attractive acquisition opportunities in both Germany and the UK and replenish funds to use opportunistically following recent acquisitions.

Berenberg Role: Joint Global Coordinator and Joint Bookrunner

SYNDICATE:
Joint Global Coordinators and Joint Bookrunners: Berenberg, Peel Hunt
Joint Bookrunner: Panmure Gordon
Sole Bookrunner (South Africa Placing): PSG Capital

Timing:

• Launch: 20 November 2023
• Trade: 20 November 2023 (Priving & Allocation)
• Expected Settlement: 24 November 2023 (T+4)

Enpal is a German-based solar solutions provider with over 55,000 customers.

Country: Germany

Sector: Renewable Energy

Deal type: Secondary Placing (pre-IPO)

Transaction size: EUR 47m

Berenberg Role: Financial Advisor to the Selling Shareholders and Enpal

Timing: November 2023

NETSTREIT Corp acquires, owns and manages a portfolio of single-tenant retail commercial real estate focused on tenants in the retail sector.

Ticker: NTST US

Country: United States

Sector: Real Estate - REITs

Listing: New York Stock Exchange

Offer Structure: $250m At-the-Market Offering

Use of Proceeds: To fund potential acquisitions, development and investment opportunities, and for general corporate purposes

Berenberg Role: Sales Agent

Timing:

• Launch: 25 October 2023

Trustpilot Group

Trustpilot is a leading global review platform, which creates a place where businesses and consumers can gain actionable insights and collaborate.

Ticker: TRST LN

Country: United Kingdom

Sector: Technology

Listing: London Stock Exchange (Main market, Premium Segment)

Market Cap pre Transaction: c. GBP 450m

Offer Structure: 13,000,000 secondary shares (c. GBP 13m)

Issue Price: GBp 103 per share

Selling Shareholder: Northzone Ventures

Berenberg Role: Sole Bookrunner

Timing:

• Launch: 10 October 2023

• Pricing: 11 October 2023

• Settlement: 13 October 2023

Yellow Cake Plc

Yellow Cake is a London-listed company that offers pure exposure to the uranium spot price. This is achieved through its strategy of buying and holding physical uranium in storage in North America. It may also seek to add value through the acquisition of uranium royalties and streams

Company: Yellow Cake Plc

Ticker: YCA LN

Country: United Kingdom

Sector: Natural Resources (Uranium)

Listing: London Stock Exchange (AIM)

Market Cap pre Transaction: c. GBP 1.1bn

Offering: c. USD 125m / c. GBP 103m

Offer price: 550 pence

Use of proceeds: To fund the purchase of up to USD 100m worth of U308 uranium from Kazatomprom, fully utilising the Company’s purchase option for calendar year 2023 at a price of US$65.50/lb, as well as general corporate use and working capital

Berenberg Role: Joint Bookrunner

SYNDICATE:

Joint Bookrunners: Berenberg, Canaccord Genuity, Cantor Fitzgerald

Timing:

Launch date: 27 September 2023

Trade date: 28 September 2023 (Pricing & Allocation)

Expected Settlement: 02 October 2023 (T+2)

Talanx is a major European insurance group based in Germany and active in more than 175 countries.

Ticker: TLX GY

Country: Germany

Sector: Insurance

Listing: Regulated Market of Frankfurt Stock Exchange (Prime Standard)

Market Cap pre Transaction: c. EUR 16.7bn

Offer Structure:

• Total: 6,504,064 shares (c. EUR 400m)
• Primary: 4,878,048 shares (c. EUR 300m)
• Secondary: 1,626,016 shares (c. EUR 100m)

Issue Price: EUR 61.50 per share

Use of Proceeds: The Company intends to use the net proceeds from the capital increase to further enhance the already solid capitalization of the group to support further organic and inorganic growth in line with the disciplined approach for the execution of strategic acquisitions.

Free Float Impact: The transaction enhances free float by c. 12.1%, from currently c. 21.1% to c. 23.3% post transaction, thus improving the trading liquidity of the stock.

Berenberg Role: Sole Global Coordinator & Sole Bookrunner

Timing:

• Launch: 19 September 2023
• Pricing: 19 September 2023
• First Day of Trading: 27 September 2023

Transition is an investment company specialized in the acquisition of shares in businesses operating in the energy transition sector with low-carbon assets.

Ticker: TRAN

Country: France

Sector: Energy

Listing: Euronext Paris

Market Cap pre transaction : c. EUR 200m

Transaction structure: Transition and Arverne Group signed combination agreement to publicly list on Euronext Paris Arverne Group, a future French leader in geothermal and low-carbon lithium to drive the energy transition

Berenberg Role: Financial Advisor

Timing:

• Combination agreement announcement: 16/06/2023
• Start of the Class B share redemption period: 21/06/2023
• End of the Class B share redemption period: 20/07/2023
• Approval of business combination process: 14/09/2023
• Settlement and delivery of shares as part of PIPE: 19/09/23

Founded in 1987, Biobest is a global leader in sustainable crop management and bumblebee pollination. The company acts as a one-stop-shop provider, offering Integrated Pest Management (IPM) solutions for high value crops, ranging from living organisms to biopesticides.

Country: Belgium

Sector: AgTech

Deal type: Growth funding in connection with the acquisition of Brazilian company Biotrop

Target description: Biotrop is leading Brazilian AgTech focused on biologicals and natural solutions for agriculture

Deal structure: To finance this transaction, Biobest proceeded to a capital increase which was subscribed by some of its existing shareholders (Sofina, some Belgian families, and management) and by new shareholders (Tikehau Capital, M&G Investments, Unigrains, Sofiprotéol and several families close to its majority shareholder, Floridienne)

Target valuation: c. EUR 532m

Berenberg Role: Equity Financing Advisor

Timing: September 2023

Founded in 2010, EIT InnoEnergy is the leading innovation engine in sustainable energy. InnoEnergy accelerates, de-risks and boosts global business cases through its unique and trusted ecosystem of more than 1200 partners. It currently has a portfolio of 200 companies, three of which are unicorns, on track to generate €110 billion in revenue and save 2.1G tonnes of CO2e accumulatively by 2030.

Country: Netherlands

Sector: Energy

Deal type: Funding Round

Investment size: EUR 140m

Use of Proceeds: Increase new deal flow, support the current 200 portfolio companies in their growth, accelerate the launch of new industrial champions, capture opportunities created by new regulatory framework and boost expansion in the US.

Berenberg Role: Financial Advisor

Timing: September 2023

Innoviz is a pure-play supplier of advanced LIDAR sensors and software for autonomous driving applications.

Ticker: INVZ US

Country: Israel

Sector: LIDAR Technology

Listing: Nasdaq

Offer Structure: 26,000,000 common shares (c. USD 65m)

Greenshoe: 3,900,000 common shares (c. USD 10m)

Issue Price: USD 2.50 per share

Berenberg Role: Bookrunner

Timing:

• Launch: 9 August 2023
• Pricing: 9 August 2023
• First Trade: 10 August 2023

Microstrategy engages in the provision of enterprise analytics software and services. The firm designs, markets, and sells software platforms through licensing arrangements and cloud-based subscriptions and related services.

Ticker: MSTR US

Country: United States

Sector: Digital Assets

Listing: Nasdaq

Offer Structure: $750m At-the-Market Offering

Use of Proceeds: For general corporate purposes, including the acquisition of bitcoin and working capital, and for the repayment or repurchase of indebtedness

Berenberg Role: Sales Agent

Timing:

• Launch: 1 August 2023

Aedifica is the largest European pure play on healthcare real estate owning a €5.7bn real estate portfolio with a focus on elderly care homes.

Ticker: AED BB

Country: Belgium

Sector: Real Estate

Listing: Euronext Brussels and Euronext Amsterdam

Market Cap pre transaction : c. EUR 2,569m

Offer structure: c. 7.32m ordinary shares (c. EUR 380m)

Rights issue subscription price: EUR 52.00 per share

Rump placement subscription price: EUR 56.00 per share

Subscription Ratio: 2:11 (i.e. 2 new shares for 11 existing shares / rights)

Berenberg Role: Joint Bookrunner

Syndicate: Joint Global Coordinators: ABN Amro, BNP Paribas, Société Générale; Joint Bookrunners: Belfius, Berenberg, ING, KBC and JP Morgan

Timing:

• Start of the Rights issue: 21 June 2023
• Ex-rights day: 22 June 2023
• Publication of prospectus: 22 June 2023
• Rights trading: 22 June 2023 – 27 June 2023
• Subscription period: 22 June 2023 – 29 June 2023
• Rump placement & results announcement: 30 June 2023
• First day of trading of new shares: 04 July 2023

Ferretti Group is a leading Italian yacht manufacturer, active in the design, construction and sale of sail and motor yachts. The group encompasses a number of world renown brands including Riva, Itama, Wally, Pershing, Mochi Craft, Custom Line, CRN and Ferretti Yachts. Ferretti Group is present globally with sales point in 71 countries and counts 180+ years of history.

Ticker: YACHT IM

Country: Italy

Sector: Leisure – Luxury Yachting

Listing: Hong Kong – Euronext Milan

Offer Structure: Secondary listing on Euronext Milan combined with a placement of existing shares

• Total: 97,300,300 shares (c. EUR 292m)
• Secondary: 88,454,818 shares (c. EUR 265m)
• Greenshoe (secondary): 8,845,482 shares (c. EUR 27m)

Final Offer Price: EUR 3.00 per share

Market Cap at listing: EUR c.1bn

Selling shareholder: Ferretti International Holding S.p.A

Berenberg Role: Joint Bookrunner

Syndicate: Joint Global Coordinators: JP Morgan, Goldman Sachs, UniCredit; Joint Bookrunners: Berenberg, Equita

Timing:

• ITF: 29 May 2023
• Bookbuilding: 21 to 22 June 2023
• Pricing and Allocation, Trade Date (T): 23 June 2023
• Settlement and First Day of Trading (T+2): 27 June 2023

Enpal is a German-based solar solutions provider with over 55,000 customers.

Country: Germany

Sector: Renewable Energy

Deal type: Secondary Placing (pre-IPO)

Transaction size: EUR 58m

Berenberg Role: Exclusive Financial Advisor to the Selling Shareholders and Enpal

Timing: June 2023

JTC Plc

JTC is an independent and regulated provider of outsourced corporate, private wealth and fund administration, reporting and fiduciary services

Company: JTC Plc

Ticker: JTC LN

Country: United Kingdom

Sector: Business Services

Listing: London Stock Exchange (Main Market)

Market Cap pre Transaction: c. GBP 1.1bn

Offering: c. GBP 62m

Offer price: 700 pence

Use of proceeds: To part fund the Group’s acquisition of South Dakota Trust Company (“SDTC”), the leading independent provider of administration services to the US personal trust sector

Berenberg Role: Joint Global Coordinator / Joint Bookrunner

SYNDICATE:

Joint Global Coordinators: Berenberg, Numis

Timing:

Launch date: 14 June 2023

Trade date: 15 June 2023 (Pricing & Allocation)

Expected Settlement: 19 June 2023 (T+2)

Midwich Group Plc

Midwich Group is a specialist audio visual, professional video, audio, lighting and document solutions distributor to the trade markets, operating in more than 10 countries.

Company: Midwich Group Plc

Ticker: MIDW LN

Country: United Kingdom

Sector: Technology

Listing: London Stock Exchange (AIM)

Market Cap pre Transaction: c. GBP 410m

Offering: c. GBP 50m

Offer price: 425 pence

Use of proceeds: To pay down debt being used to fund the initial acquisition consideration of SF Marketing (“SFM”), for up to approx. CAD$44.3m (c.£26.7m), in addition to the Group securing funding which will enable the prompt execution of its identified near-term M&A Pipeline over the next six months

Berenberg Role: Joint Global Coordinator / Joint Bookrunner

SYNDICATE:

Joint Global Coordinators: Berenberg, Investec

Timing:

Launch date: 07 June 2023

Trade date: 08 June 2023 (Pricing & Allocation)

Expected Settlement: 12 June 2023 (T+2)

ASOS is an online-only fashion retailer targeted at the 20-something age group. It sells both own-brand clothing (c40% of sales) and more than 800 third-party brands.

Company: ASOS Plc
Ticker: ASC LN
Country: United Kingdom
Sector: Online Retail
Listing: London Stock Exchange (Main Market)

Market Cap pre Transaction: c. GBP 420m
Offering: GBP 75m
Offer price: 418.1 pence
Use of proceeds: To provide increased flexibility against a challenging macro-economic backdrop and the stability to focus on long-term value creation

Berenberg Role: Joint Bookrunner

Syndicate:

• Joint Global Coordinator and Joint Bookrunners: J.P. Morgan, Numis
• Joint Bookrunner: Berenberg

Timing:

• Launch date: 25 May 2023
• Trade date: 26 May 2023 (Pricing & Allocation)
• Expected Settlement: 31 May 2023 (T+2)

Fastned is a Dutch company that specializes in building and operating a network of electric vehicle charging stations. It aims to accelerate the transition to sustainable transportation by providing convenient and reliable charging infrastructure for electric cars.

Ticker: FAST NA

Country: The Netherlands

Sector: Energy

Listing: Euronext Amsterdam

Market Cap pre transaction : c. EUR 670m

Offer structure: Placement of 600,000 existing depositary receipts of ordinary shares in a private sale on behalf of Fastned founders Michiel Langezaal and Bart Lubbers

Berenberg Role: Sole Global Coordinator

Syndicate: Berenberg as Sole Global Coordinator & Sole Bookrunner

Timing:

• Pricing and allocation: 23 May 2023
• Trade date (T): 23 May 2023
• Settlement (T+2): 25 May 2023

Enpal is a German-based solar solutions provider with over 55,000 customers.

Country: Germany

Sector: Renewable Energy

Deal type: Secondary Placing (pre-IPO)

Transaction size: EUR 24m

Berenberg Role: Exclusive Financial Advisor to the Selling Shareholders and Enpal

Timing: March 2023

Founded in 1987, Biobest is a global leader in sustainable crop management and bumblebee pollination. The company acts as a one-stop-shop provider, offering Integrated Pest Management (IPM) solutions for high value crops, ranging from living organisms to biopesticides.

Country: Belgium

Sector: AgTech

Deal type: Funding Round

Investment size: EUR 98.5m

Use of Proceeds: Support future development of the Company, accelerate Biobest’s M&A strategy

Berenberg Role: Exclusive Financial Advisor

Timing: February 2023

Company: Corre Energy BV

Ticker: CORRE ID

Country: Ireland

Sector: Energy Storage

Listing: Euronext Growth Dublin

Market Cap pre Transaction: c. EUR 265m

Offering: EUR 9m

Offer price: EUR 3.50 per share

Use of proceeds: To enable Corre Energy to continue the development of its flagship projects in response to rapidly fast-tracking Government policies supporting electricity/ energy storage, alongside options to progress exclusivity on promising European & North American projects as well as general corporate purposes

Berenberg Role: Joint Bookrunner

Syndicate: Berenberg, Davy, Longspur

Timing:

• Launch: 22 February 2023
• Pricing: 23 February 2023
• Settlement: 27 February 2023

4C Group

Founded in 2000, 4C Group is a Swedish provider of operational resilience and military training management solutions. With its proprietary, NATO-accredited, Exonaut software platform and complementary expert services, 4C serves over 150 customers including several armed forces and blue-chip corporates globally.

Ticker: 4C SS

Country: Sweden

Sector: Software

Listing: Nasdaq First North Premier Growth Market Stockholm

Transaction: Sale of shares for Priveq Investment

Market Cap: c. SEK 1.2bn

Offer structure: Placement of 3,640,655 existing shares

Berenberg Role: Joint Bookrunner

Timing:

• Pricing: 22 February 2023

IONOS is the leading European digitalization partner for small and medium-sized businesses. The company serves around six million customers and operates across 18 markets in Europe and North America, with its services being accessible worldwide.

Ticker: IOS GY

Country: Germany

Sector: Software

Listing: Frankfurt Stock Exchange (Prime Standard)

Offer Structure:

• Total: 24,150,000 shares (c. EUR 447m)
• Secondary: 21,000,000 shares (c. EUR 389m)
• Greenshoe (secondary): 3,150,000 shares (c. EUR 58m)

Final Offer Price: EUR 18.50 per share

Initial Price Range: EUR 18.50 – 22.50 per share

Market Cap at IPO: EUR 2.6bn

Selling shareholder: United Internet AG, Warburg Pincus

Berenberg Role: Senior Joint Global Coordinator & Joint Bookrunner

Syndicate: Berenberg, J.P. Morgan, Deutsche Bank (Senior Joint Global Coordinators and Joint Bookrunners), BNP Paribas (Junior Joint Global Coordinator and Joint Bookrunner), Barclays, Goldman Sachs (Joint Bookrunners), Commerzbank, DZ Bank, LBBW (Co-Lead Managers)

Timing:

• ITF: 17 January 2023
• Investor Education: 17 January – 26 January 2023
• Bookbuilding: 30 January – 07 February 2023
• First Day of Trading: 08 February 2023

Yellow Cake Plc

Yellow Cake is a London-listed company that offers pure exposure to the uranium spot price. This is achieved through its strategy of buying and holding physical uranium in storage in North America. It may also seek to add value through the acquisition of uranium royalties and streams.

Company: Yellow Cake Plc

Ticker: YCA LN

Country: United Kingdom

Sector: Natural Resources

Listing: London Stock Exchange (AIM)

Market Cap pre Transaction: c. GBP 780m

Offering: USD 75m / GBP 62m

Offer price: GBP 4.12

Use of proceeds: To fund the purchase of U308 uranium from Kazatomprom, partially utilising the Company’s purchase option for calendar year 2022 at a price of US$48.90/lb, as well as general corporate use and working capital

Berenberg Role: Joint Bookrunner

Syndicate: Berenberg, Cantor Fitzgerald, Canaccord Genuity

Timing:

• Launch: 02 February 2023

• Pricing: 03 February 2023

• Settlement: 07 February 2023

CPI is a pure-play on healthcare real estate owning a €1.1bn fully occupied and long-term leased Pan-European portfolio.

Ticker: CPINV BB

Country: Belgium

Sector: Real Estate

Listing: Euronext Brussels

Market Cap pre transaction: c. EUR 444m

Offer structure: c. 9.25m primary shares (c. EUR 111m)

Subscription Price: EUR 12.00 per share

Subscription Ratio: 1x3

Berenberg Role: Joint Bookrunner

Syndicate: Joint Global Coordinators and Joint Bookrunners: ABN AMRO, Belfius, Joint Bookrunners: Berenberg, KBC

Timing:

• Start of Rights Issue: 11 January 2023
• Ex-Rights date: 12 January 2023
• Subscription period: 12 January 2023 – 19 January 2023
• Rights trading: 12 January 2023 – 20 January 2023
• Results announcement: 20 January 2023
• First day of trading of new shares: 24 January 2023

Hypoport is a founder owned-and-led business that operates a network of technology companies serving the German credit, real estate and insurance industries.

Ticker: HYQ GY

Country: Germany

Sector: Diversified Financials

Listing: Regulated Market of Frankfurt Stock Exchange (Prime Standard)

Market Cap pre Transaction: c. EUR 975m

Offer Structure: 378,788 primary shares (c. EUR 50m)

Issue Price: EUR 132.00 per share

Use of Proceeds: The Company intends to use the net proceeds from the capital increase to realise growth opportunities in the current phase of upheaval in a mortgage finance market.

Berenberg Role: Sole Global Coordinator & Sole Bookrunner

Timing:

• Launch: 19 January 2023
• Pricing: 20 January 2023
• First Day of Trading: 27 January 2023

Enpal is a German-based solar solutions provider with over 30,000 customers.

Country: Germany

Sector: Renewable Energy

Deal type: Growth Funding

Investment size: EUR 215m

Use of Proceeds: Addition of new products, expansion to new markets and further development of the company’s multi-awarded smart energy platform.

Berenberg Role: Exclusive Financial Advisor to Enpal

Timing: January 2023