SMAG Mobile Antenna Masts AG Sets IPO Price at 46 Euros, Plans Stock Market Debut on July 13

Price, Volume, and Placement Structure

Founded in 1974, SMAG Mobile Antenna Masts AG, headquartered in Salzgitter, Germany, describes itself as „ein führender europäischer Spezialhersteller von selbsttragenden, abspannfreien mobilen Antennenmastsystemen für militärische Anwendungen". The company „erzielt nahezu ihren gesamten Nettoumsatz im Verteidigungsbereich" and, according to its own statements, supplies „mehr als 50 führende Rüstungsunternehmen, Erstausrüster und Regierungsbehörden weltweit, darunter 15 NATO-Streitkräfte".

Only a comparatively small portion of the proceeds flows to the company itself: a mere 29.6 million euros is earmarked for expanding production capacity and sales. The lion's share of the issue proceeds goes to financial investor Aequita, based in Munich, which entered SMAG in 2024 and is now reducing its stake to 50.1 percent. Going forward, 49.9 percent of SMAG shares will be in free float.

Business Model and Order Situation

The company's economic starting position is characterized by a high order backlog ratio. „sitzt [SMAG] auf einem Auftragsbestand von insgesamt 1,4 Milliarden Euro". Last year, revenue rose from 27 to 34 million euros, and this year it is expected to reach 55 to 60 million euros. The adjusted operating profit margin (EBIT margin) is projected to be 19 to 21 percent in 2026. The company is valued at the issue price at 260 million euros.

The company's products are in use worldwide. „Mehr als 2.000 ihrer bis zu 40 Meter hohen Mastsysteme seien in über 20 Ländern im Einsatz." SMAG employs around 170 people. In the prospectus and in the stock exchange announcement, the company also points to the seller SMAG Group GmbH, „einer hundertprozentigen Tochtergesellschaft der AEQUITA SE & Co. KGaA".

Procedure, Prospectus, and Allocation to Retail Investors

Cantor acted as Sole Global Coordinator and Sole Bookrunner for the placement. The securities prospectus, following approval by the Federal Financial Supervisory Authority (BaFin), was made available free of charge on the company's website (https://www.smag.de). „Zeichnungsaufträge von Privatanlegern wurden mit 100 % des jeweiligen Ordervolumens zugeteilt, wobei Aufträge unter 5 Aktien nicht bedient wurden." Total allocation via DirectPlace to retail investors amounted to 2,338 offer shares. The allocation followed the „am 7. Juni 2000 von der Börsensachverständigenkommission veröffentlichten ‚Grundsätzen für die Zuteilung von Aktienemissionen an Privatanleger'".

The IPO is part of a series of IPOs by German defense companies. „Mit Gabler und Vincorion hatten in diesem Jahr bereits zwei deutsche Firmen aus der Rüstungsbranche den Börsengang vollzogen." The Franco-German tank manufacturer KNDS, however, had postponed its stock market plans, „weil die Eigentümer sich eine höhere Bewertung erhoffen als die Anleger zuletzt zu zahlen bereit waren". SMAG thus belongs to a small group of European defense manufacturers that have successfully completed the step of going public this year.

SMAG in the Context of 2026 Defense IPOs

Trading of the shares on the Scale segment of the Open Market (Regulated Unofficial Market) of the Frankfurt Stock Exchange will be admitted under the trading symbol „1SMA" and the ISIN DE000A42FR12 (WKN A42FR1). Delivery of the offer shares against payment of the offer price is expected to take place on or around July 14, 2026. The announcement „stellt eine Werbung im Sinne der Verordnung (EU) 2017/1129 in ihrer jeweils geltenden Fassung (die ‚Prospektverordnung') dar". Contact persons in the announcement are Jasmin Dentz and Elena Strikker.

With the IPO, the Salzgitter-based company receives fresh capital for the planned expansion of manufacturing and international sales. The high order backlog ratio and the strong revenue jump point to significantly growing demand for military communications infrastructure, especially given that several NATO armed forces are among the customers. The high EBIT margin of 19 to 21 percent, along with the multi-year order backlog of 1.4 billion euros, underscore SMAG's currently strong market position in the European defense sector.