Private equity shareholders of Andritz, the Austrian industrial systems manufacturer, have raised €129m ($151m) from a sale of shares in the firm, increasing its free float from 15% to 59%.

JP Morgan and CA IB, the investment banking arm of Bank Austria, were joint lead managers, with Erste Bank as co-manager. The fully marketed deal was priced on Tuesday evening at €22.75 per share, a 1.1% discount to Tuesday's closing price of €23. Shares were trading up at €23.50 on Wednesday morning.