Hengeler Mueller advises BAWAG on its IPO

25. October 2017


On 25 October 2017, Austrian lender BAWAG Group AG (“BAWAG”) successfully completed its IPO with the listing of its shares on the Vienna Stock Exchange. In view of a total offer volume of approximately EUR 1.9 bn the transaction is the biggest IPO ever on the Vienna Stock Exchange and the first significant within more than three years. An aggregate of 35 m existing ordinary shares in BAWAG have been placed with institutional and retail investors in Austria by way of a public offering as well as a private placement to selected institutional investors outside of Austria. In addition, 5.25 m shares were made available in connection with an over-allotment option.

The selling shareholders included funds and accounts controlled or advised by Cerberus Capital Management LP and GoldenTree Asset Management LP, respectively, as well as certain minority shareholders.

Citigroup Global Markets Limited, Credit Suisse Securities (Europe) Limited, Goldman Sachs International, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc acted as Joint Global Coordinators and Joint Bookrunners for the IPO.

Hengeler Mueller advised BAWAG on all aspects of the IPO. The Hengeler Mueller team included partners Johannes Adolff, Dirk Bliesener and Alexander Rang (all lead), Ralph Defren (Capital Markets), Lucina Berger (Corporate), Christian Hoefs (Employment), Martin Klein (Tax) (all Frankfurt), counsel Cecilia Di Ció (Capital Markets) and Mathias Link (Tax) (both Frankfurt) as well as associates Caspar Schmelzer, Stephan Hennrich (both Capital Markets, Frankfurt), Sonnhild Draack (Employment), Carl-Philipp Eberlein, Till Hiemenz-Müller, Henning Hilke, Andreas Lischka, (all Banking and Capital Markets, Frankfurt), Stephan Häfele, Marco Mâallem (both Capital Markets, Berlin), Marius Marx (Tax), Radmila Petrovic (Corporate), Christian Schmalenbach (Capital Markets), Jan Letto Steffen (Bank Regulatory), Christian Strothotte (Corporate) and Peter Wehner (Employment) (all Frankfurt).

Dorda Rechtsanwälte GmbH acted as Austrian counsel to BAWAG. The team included partners Andreas Zahradnik and Christoph Brogyányi.