Frankfurt, Sept. 27 - German beverage company Aquellness plans to raise up to 18 million euros ($25.4 million) in its listing scheduled for Oct. 15, it said on Thursday.
Aquellness, which makes systems to filter, cool or carbonate water, plans to offer up to 1 million shares for between 14 and 18 euros each, it said.
The offer includes 900,000 shares from a capital increase and an overallotment option for which major shareholder Absolute Opportunity Investment Holdings will provide the shares.
The subscription period runs until Oct. 10 and the shares are due to start trading on Oct 15.
Aquellness wants to use the proceeds from the offering for further acquisitions and to establish its brand in Europe.
German bank Quirin is managing the IPO.
Aquellness reported earnings before interest, tax, depreciation and amortisation of about 1.8 million euros on sales of 15 million euros in the first half of 2007.