German satellite maker OHB launches share sale with KKR

June 22 (Reuters) - German satellite maker OHB said on Monday it was launching a share sale with KKR to bring in new investors and seek a higher valuation as interest in space stocks rises after Elon Musk's blockbuster SpaceX listing.

The combined offering would more than triple OHB's free float and imply a market value of 6.3 billion euros, positioning the company to capitalise on a surge in investor appetite for the sector.

OHB said it will issue up to 1.7 million new shares at 300 euros each, raising up to 510.7 million euros. KKR-owned Orchid Lux HoldCo will sell up to 1.23 million existing shares, according to a bookrunner for the deal.

The global investment firm will trim its stake to around 20% from 28.6% and net up to 368 million euros, more than it paid for the entire stake in 2023.

The total deal size includes a greenshoe option and would increase OHB's free float to 19.2% from 5.7%, the bookrunner said.

The offer price was a 26% discount to OHB's closing price of 405.5 euros.

The Fuchs family, OHB's majority shareholder, waived its subscription rights but will not sell any shares.

SpaceX surged past $2 trillion in its record-setting initial public offering on June 12, lifting investor appetite for space stocks. "Everyone is aiming for higher valuations after the SpaceX IPO," CEO Marco Fuchs told Reuters earlier this month.

Shares from KKR and most of the new stock will be placed with institutional investors through Wednesday, while existing shareholders can exercise subscription rights from June 25 to July 8.

($1 = 0.8728 euros)

(Reporting by Gianluca Lo Nostro and Alexander Hübner; Editing by Joe Bavier and Matt Scuffham)