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Schiesser, the 137-year-old German underwear manufacturer, should be ready for a stock market flotation by June, Reuters reported Wednesday.
“We are in full preparation for a listing in the second quarter,” said Volker Grub, a member of the Schiesser supervisory board.
Founded in 1875, Schiesser still manufactures its own brand of men’s undergarments — briefs, trunks and leggings — out of mako cotton, and produces some garments for Tommy Hilfiger and Ralph Lauren. Schiesser’s going public would represent confidence that demand has returned for the company, which only emerged from insolvency in 2010.
The company had sales of 124 million euros ($165 million) and a net profit of 5 million euros in 2010, Reuters reported.
BHF Bank and equinet have been picked to “organize the flotation,” which will result in stocks in Schiesser being traded on the Frankfurt stock exchange. Schiesser had been intending to list itself at Frankfurt last year, but postponed plans due to market volatility. Strong profits and other successful German IPOs must have reassured Schiesser to an extent, since they are now going ahead with their plan.