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BigRep, 2024 to 2026: 23 months from the Frankfurt listing to liquidation

Nozzle4 · · 2 min read

Photo: BigRep, Press image

BigRep SE started trading on the Frankfurt Stock Exchange on 31 July 2024 at 11.20 euros a share. By 28 August the price was 5.00 euros. On 29 June 2026 its management and supervisory boards approved selling the operating company, BigRep GmbH, and delisting the shares, with a shareholder meeting to vote on the sale and on opening the liquidation of the listed parent. From listing to that decision took 23 months.

The business behind the ticker was ten years old by then. René Gurka and Stephan Beyer founded BigRep in Berlin in 2014 to build large-format FDM printers. It raised a Series A of more than 7 million euros in November 2015, with the Koehler paper group and the venture firm b-to-v joining KfW among the investors, and brought in the Körber group in a later round in 2017. In November 2023 it bought HAGE3D, adding a site in Graz and taking the combined installed base past 1,000 printers.

It went public through a reverse merger with SMG Technology Acceleration SE instead of a conventional IPO, the same shortcut the 2020 and 2021 SPAC class had taken, and it did so two years after that class had already crashed. The numbers after listing did not help. Revenue fell from 11.2 million euros in 2023 to 6.3 million in 2024, and EBITDA went from minus 5.0 million to minus 11.8 million euros. That is close to two euros of EBITDA loss for every euro of sales.

Existing shareholders kept funding it for a while. In May 2025 De Krassny and HAGE put in 3.2 million euros through a capital increase. A year later the same circle of backers became the exit.

Under the June 2026 plan, BigRep GmbH goes to De Krassny, Koehler Invest and HAGE Holding, all of them existing shareholders or creditors, at a price set by an independent fair-market valuation. The price has not been disclosed. What the listed company’s public shareholders end up with depends on it and on the listed parent’s remaining liabilities, because in a liquidation the shares that opened at 11.20 euros are a claim on whatever is left after both.

Sources