1. Financing Growth Without Dependence on Debt

Practical Example: Nemetschek Group SE (Munich, Construction Software)

• Medium-sized character, founding family remains involved
• The IPO enabled international expansion and product acquisitions
  Typical SME Benefit: Growth without high bank loans or private equity

 

2. Partial Exit While Maintaining Entrepreneurial Control

Practical Example: Fielmann Group AG

• Family business with a stock exchange listing
• The founding family still holds significant influence (critical control thresholds of 75.1% and 50.1% shareholdings)
  Typical SME Benefit: Liquidity for the entrepreneur without “giving up” the company

 

3. Solving Succession Without Selling to Investors

Practical Example: Pfeiffer Vacuum AG

• Family-oriented, publicly listed
• The stock exchange as an instrument for a multi-generational ownership structure
  Typical SME Benefit: Orderly succession without a complete sale to private equity

 

4. Professionalization & Securing the Future

Practical Example: Varta AG

• Medium-sized industrial manufacturer
• The IPO led to stronger governance and investment capacity
  Typical SME Benefit: Higher resilience and long-term competitiveness

 

5. Strengthening Market Position (“Hidden Champion → Visible Champion”)

Practical Example: Sartorius AG

• Classic hidden champion from Göttingen
• The listing massively increased international visibility
  Typical SME Benefit: Greater trust from international customers and suppliers

 

6. Attracting and Retaining Employees

Practical Example: TeamViewer SE

• The IPO increased employer attractiveness
• Stock programs as an incentive for qualified specialists
  Typical SME Benefit: Competitive advantage in the labor market

 

7. Financing Acquisitions Without Liquidity Outflow

Practical Example: Compugroup Medical AG

• Medium-sized character, founder remains active
• Uses shares as consideration for corporate acquisitions
  Typical SME Benefit: Growth through acquisitions without high cash payments

 

8. Crisis Resilience and Stability

Practical Example: Dürr AG

• Mechanical engineering, cyclical industry
• Access to the stock market allows for rapid capital measures during weak phases
  Typical SME Benefit: More room for maneuver during economic crises

 

Summary for SME Entrepreneurs

An IPO is particularly sensible for the German “Mittelstand” when:

• strong, predictable growth is present,
• succession or a partial exit is on the horizon,
• internationalization or acquisitions are planned,
• the founding family wishes to retain long-term influence.