A medium-sized company from Salzweg in Lower Bavaria, founded in 1947, around 550 employees, a global market share of 27% in its niche and yet hardly anyone knew it just a few weeks ago. This changed abruptly with the IPO of electrovac AG at the end of April 2026. iron provided the company with communications support on its way to the stock exchange and helped the hidden champion build its capital market reputation.
A hidden champion as it is written in the book
The term glass-to-metal sealing technology alone makes it clear why electrovac sailed under the public radar for decades. But behind the unwieldy term lies a system-critical business: hermetic housings from electrovac protect the electronics in airbag igniters, seatbelt tensioners, satellites and military aviation. The company has a zero-tolerance policy towards faults. There are only a handful of suppliers worldwide who can do this in this quality and in large series, and electrovac is one of the market leaders.
However, this very constellation is a challenge for investor relations. The business model may be convincing in itself. But institutional investors, analysts, the media - and, in the case of electrovac, private investors - need to quickly identify opportunities and risks and close information gaps in order to make an informed investment decision. There was only a limited window of time to do this.
Place equity story, build structures
iron's task was clearly defined and challenging at the same time: in a difficult macroeconomic environment, a virtually unknown company had to be positioned on the capital market. The equity story was already clear: technology leader in a market with high barriers to entry, an equity ratio of over 50%, an EBIT margin of 12.2% in the first nine months of 2025/26 and specific growth drivers in Asia and the USA. Our task was to place this story with the media and private investors and to explain the complexity of the technology in an understandable way. The response from the financial media was consistently positive and ensured a significant increase in awareness of the company.
Coaching IR managers, building structures
Just as important as external communication is the development of internal capital market expertise. We specifically prepared electrovac's management for investor meetings and media interviews and held a coaching workshop with the employees who will be responsible for IR in the future with regard to their follow-up duties. Because capital market life does not end with the first day of trading, it begins there.
Success despite headwinds
The result speaks for itself: the issue was fully placed, the free float is around 28% and the retail share of the placement volume reached 10%. The fact that the issue price was at the lower end of the range is hardly surprising given the tense market environment with record oil prices and a generally weak stock market environment. The decisive factor is that electrovac has raised the targeted gross issue proceeds of 30 million euros, and the capacity expansion in Thailand and the expansion in China and the USA can begin. The company now needs to continuously repay the investors' trust and continue to grow with the capital market.
For us as iron, the electrovac IPO is a lesson in what IR communication can achieve under time pressure when the placement of the equity story, targeted press work and the establishment of internal structures go hand in hand.
