KION Group has set its share price range at EUR24-EUR30 (USD32-USD40) for its stock market debut on 28 June.

Last week, the group released the general terms and conditions for its planned initial public offering (IPO) and interested investors submitted their offers from 17-26 June.

Including the over-allotment shares, new investors were offered a total of 19.81 million shares. At the mid-point of the price range, this represents an issue volume of around EUR535 million (USD700 million).

A total of 34.95 million new shares were issued to strengthen the company's equity by EUR953 million (USD1.246 billion) at the mid-point of the price range. Another 17.23 million new shares will be placed with the new investors in the course of the IPO. This will generate EUR465 million (USD622 million) of gross proceeds at the mid-point of the price range.

Before the completion of the offering, Weichai Power Co Ltd, KION's strategic anchor shareholder, indirectly acquired 13.68 million new shares. Through the new shares, Weichai Power will in future indirectly hold 30% in KION Group AG.

Also, Superlift Holding Sàrl, Luxembourg, (Superlift), the current majority shareholder of KION which is controlled by investment funds which are advised or controlled by Kohlberg Kravis Roberts & Co LP (KKR) and The Goldman Sachs Group Inc (Goldman Sachs), acquired 4.04 million new shares at a fixed price of EUR29.21 (USD39) per share by way of conversion of an existing loan into equity.

Separately, KION Group expects a slight downward trend in order intake, which will recover later this year, according to the company's finance chief, Thomas Toepfer, Reuters reported.