Architectural and external lighting manufacturers Hess is planning an initial public offering in the Prime Standard of the Frankfurt Stock Exchange,the proceeds from which will be used mainly to finance further growth.
Hess,which has been operating for over 60 years,generated 68.1m(IFRS)revenue in the 2011 financial year and grew further in the first half of 2012,achieving approximately 39%revenue growth.
A recent study by McKinsey found that the global market for general lighting is set to grow from 55b in 2011 to 83b in 2020,reflecting a 4.7%average growth per year.
In March 2012,Hess made the acquisition of Emdelight,a lighting company who were responsible for illuminating the side of the Commerzbank's head office in Frankfurt as well as the Barwa Commercial Avenue Shopping Centre in Qatar.This acquisition served to expand Hess's position on the global market for artistically structured lighting solutions thus securing direct long-term access to the international project business.
Third-generation manager Christophe Hess,CEO of Hess AG said:We are preparing consistently for the IPO and can launch the process at any time.
"The IPO represents the ideal financing basis for our company's further expansion."
Peter Zeigler,CFO of Hess,added:"Our figures provide evidence of our growth potential:Hess has grown its revenue by an annual average of 14%within the past three years.We aim to successfully accelerate this growth thanks to the market potential and our innovative strength."
