Mister Spex listing price range points to $1 billion euro Frankfurt IPO

BERLIN - German online spectacles retailer Mister Spex on Tuesday set a price range of 23 to 27 euros per share for its stock market listing, putting a prospective value on the business of up to 895 million euros ($1.07 billion).

The Berlin-based start-up intends to raise between 225 million and 264 million euros in its flotation, and will use the funds to ramp up its growth strategy, expand internationally and repay a bridge loan facility.

Including stock offered by its owners, 15 million shares are on offer at a valuation of up to 405 million euros, assuming an over-allotment option is fully exercised.

Spectacles maker EssilorLuxottica has agreed to buy shares worth 50 million euros as a so-called cornerstone investor, while investment firms Janus Henderson and M&G Investments are buying shares worth 30 million each.

Mister Spex is owned by co-founders Dirk Graber and Mirko Casper, along with investors including Goldman Sachs, DN Capital, Scottish Equity Partners and XAnge.

The bookbuilding is expected to end on June 30, with July 2 the first day of trading on the Frankfurt Stock Exchange.

Berenberg, Barclays and Jefferies are acting as joint coordinators and joint bookrunners on the deal, with Bryan Garnier and Commerzbank also acting as bookrunners and Quirin Privatbank as co-lead manager.