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Issuance consulting & listings

Your path to the market

So you're thinking about an IPO? Or about issuing a bond? mwb fairtrade offers you unbiased, independent advice – with a well-founded understanding of which approach makes most sense for your company. We have held an underwriting business licence since 2006 and have been helping small and medium-size enterprises access the market since then.

The admission process is usually quick and straightforward when listing a security. Listing simply makes your stock or bond tradable on the exchange. Things are slightly more complicated in the case of an IPO (initial public offering). First it must be clarified, which exchange and which segment are the best fit for your shares. Once this has been resolved, the prospectus is drafted and the admission process and placement are initiated. As an experienced underwriter, mwb fairtrade will assist you in each of these steps.

mwb fairtrade AG is a proud member of the Federal Association of Securities Trading Firms (Bundesverband der Wertpapierfirmen an den deutschen Börsen e.V.). We are admitted at the following exchanges and trading venues:

Frankfurter Wertpapierbörse
XETRA Handel
Börse München
Börse Berlin
Börse Hamburg
Börse Hannover
Börse Düsseldorf
Börse Stuttgart
Tradegate Exchange Berlin

We are a Deutsche Börse Capital Market Partner, underwriting experts for the m:access segment and Capital Market Partner in the Mittelstandsbörse Deutschland, the mid-cap segment of the Hamburg and Hanover stock exchanges.

So you want to list your company?

"Liberate yourself from banks and credit ratings."

Investment and growth require capital. Yet due to the strict requirements set out in Basel III, commercial banks often play hard to get when it comes to lending. One good alternative is to raise equity on the stock exchange. Kai Jordan, Head of the Corporates & Markets segment at mwb, lays out the options in the interview.

Mr Jordan, many SMEs are far too wary of the capital market. Why is that?

In Germany, relationships between entrepreneurs and their banks have a long history. In some cases, the ties are even personal in nature. This is a firmly rooted tradition that has been slow to change. Moreover, entrepreneurs in Germany lack a fundamental understanding of capital market finance.

So you're saying that many entrepreneurs don't even know their options?

Indeed. Most of them think: I'm far too small for an IPO. Or: it's far too complicated.

How do you dispel these concerns?

By using examples of successful transactions in similar sectors to show them how capital market financing works. These kind of practical examples demonstrate that it's possible to generate considerable capital resources and keep the associated costs in check. We also deal with enquiries honestly, and advise prospective clients against transactions we don't think make sense.

How do you decide which solution is right for a company?

We begin by having our research partners look into the company, its sector and the opportunities awaiting it on the capital market. We square the client's expectations against their chances on the market. We treat our clients fairly from the outset: if we don't think the securities can be placed at an appropriate price, we discuss this openly with them.

What happens once a client decides to issue securities?

We devise the basic concept for the transaction. This means identifying an appropriate stock market segment, establishing milestones and assisting with due diligence. Then comes market cultivation. We help prepare the prospectus and the presentation. Market sounding is one of our key services.

What is that?

The issuer introduces itself to a few selected investors to get some initial feedback, which is then used to fine-tune the transaction. After that comes the roadshow, where the securities are offered to investors. I should point out here that mwb's many years of experience places it at an advantage, as we enjoy solid relationships with many institutional investors - this is one of our strengths.

What happens with the actual issuance?

We provide all-around support for listings and new issuances on the regulated or open market, whether it be in Frankfurt or on a regional stock exchange. Our expertise also includes capital increases and secondary placements. On the day of the initial listing, we join the issuer on the exchange floor - it's an exciting leap into the future.

Do you provide your clients with support after the issuance?

This is of paramount importance to us. We continue to advise them and manage the issuance. For instance if price stabilisation measures become necessary or we serve as a designated sponsor, providing liquidity support for the security and ensuring that it remains tradable at all times.

mwb is itself a listed company. How does this help you in your work?

It mainly helps the client. We are on an equal footing and understand the requirements of the capital market based on our own experience. The fact that we also serve as "Deutsche Börse Capital Market Partner" and "Munich Stock Exchange Issuance Experts" also underscores our expertise. This makes us one of the most recognised stock market experts in Germany.

Thank you for taking the time to speak with us!