German battery firm BMZ eyes public market - report

German battery system maker BMZ is planning an initial public offering (IPO) in Frankfurt that could occur in September at the earliest and could value the company at some EUR 2 billion (USD 2.42bn), Reuters reported on Monday, citing insiders.

Shares worth some EUR 500 million will be offered in the transaction, the report said.

The listing plan comes at a time of an accelerated shift to electric vehicles resulting in increased investor interest in battery companies.

BMZ has hired Citi, JP Morgan and Berenberg to help with the intended IPO, according to the sources.

When asked to comment on the report, a spokeswoman for BMZ said that the company is continually considering its options.

BMZ produces battery systems for automotive, e-mobility, storage, medical and industrial applications as well as power and garden tools. Its products are used in electric vehicles, e-bikes, energy storage systems and portable medical equipment, among others.

The company is based in Karlstein, Bavaria, and has additional production sites in China, Poland, and the US, as well as offices in Japan and France.

(EUR 1.0 = USD 1.213)

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