Heliad Equity Defies the Odds: Share Price Holds Above Tender Offer as Delisting Looms
Published on 08/17/2026 at 01:20 | Redaktion boerse-global.de
It's an unusual sight in the world of corporate takeovers: a stock trading above the price a bidder is willing to pay. Yet that's precisely the scenario unfolding at Heliad Equity, where the tender offer from main shareholder GfBk has expired, but the market continues to value the shares at a premium to the bid.
The regular acceptance period for GfBk's cash offer of €14.25 per share closed on Friday, August 14, 2026. By the close of trading that same day, Heliad shares were changing hands at approximately €14.50–€14.55 on Tradegate — a clear signal that a meaningful slice of the shareholder base believes the company's portfolio is worth considerably more than what's on the table.
The Valuation Gap at the Heart of the Story
That conviction isn't unfounded. Heliad reported an IFRS net asset value of roughly €33.08 per share for the last fiscal year, and the figure stood at €29.54 per share as of March 31, 2026. Either way, the gap between book value and market price is striking — the stock trades at a discount of roughly 50% to the most recent NAV reading.
The portfolio backing those numbers includes some notable names in the European tech and fintech space: Raisin, the savings platform; Enpal, the solar installer; flatexDEGIRO, the online broker; and FINN, the mobility startup that achieved unicorn status in June 2026 after closing a Series D round of nearly €100 million, pushing its valuation past the billion-euro mark. Heliad participated in that funding round.
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Why Shareholders Are Holding Out
The arithmetic explains the market's behavior. With the NAV sitting at €29.54 per share at the end of Q1, the €14.25 offer represents a substantial discount to the underlying asset value. Some investors are evidently betting that the true worth of these holdings will eventually win out, even if that means accepting severely reduced liquidity in the meantime.
The stock has climbed roughly 20% since the end of the first quarter, suggesting the market has taken the delisting announcement in stride rather than panicking over the impending loss of public tradability.
The Delisting Timeline Takes Shape
Heliad formally announced its intention to withdraw from the Frankfurt Stock Exchange on June 24, 2026, citing the costs associated with maintaining the listing and a desire to manage its venture capital portfolio without the pressure of quarterly reporting cycles. The three-month notice period runs its course on September 24, 2026, which will mark the final day of trading in the free market segment.
For shareholders who missed the initial window, there's still a chance to tender their shares. A statutory follow-on acceptance period is expected to open in the coming days, offering a second opportunity to sell at the offer price. After that, the window closes for good.
What Happens Next
The market is now awaiting the final acceptance figure from GfBk, which is expected to be published mid-week. That number will reveal just how many shareholders chose to take the offer versus hold out for a better outcome.
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There's also the question of liquidity. With the acceptance period now closed, trading volumes are likely to taper off in the days ahead. The €14.55 closing price from Friday serves as the reference point until markets reopen on Monday, but the trajectory from here is clear: September 24, 2026, marks the end of Heliad's public market chapter.
Heliad has emphasized that it will continue to support its portfolio companies as a long-term partner even after stepping away from the exchange. For investors who declined the offer, the bet is that the portfolio's intrinsic value — and patient capital — will ultimately prove more rewarding than the immediate cash exit.
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