September 27, 2017 / 6:12 AM / a year ago

German battery maker Varta resumes IPO plans

FRANKFURT, Sept 27 (Reuters) - German battery maker Varta plans another attempt at an initial public offering (IPO) on the Frankfurt stock exchange as it seeks funds to expand production capacity, it said on Wednesday.

The company plans to sell new shares worth 150 million euros ($177 million), as well as additional shares from its owner, Swiss investor Montana Tech Components.

Varta said it targeted a free float of around 40 percent​.

It cancelled previous IPO plans last November, citing an unfavourable market environment. (Reporting by Arno Schuetze; Editing by Susan Fenton)

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