Prosegur Compania de Seguridad : Car parts maker Gestamp plans 3.7 billion euros Spanish listing
March 13, 2017 at 10:24 pm IST
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MADRID (Reuters) - Spanish car parts maker Gestamp is planning an initial public offering (IPO) valuing it at about 3.7 billion euros (3.19 billion pounds) in what would be one of the biggest European stock market listings so far this year.
Gestamp supplies parts for more than 800 models of cars for manufacturers including Volkswagen (>> Volkswagen AG) and Renault (>> Renault) and has 98 plants worldwide and more than 36,000 workers.
The planned initial public offering is the third Spanish stock market listing announced this year after Prosegur (>> Prosegur Compania de Seguridad SA) said it would float its cash-in-transit subsidiary and house builder Neinor Homes said it would list up to 60 percent of its share capital.
Gestamp's valuation is based on the sale of 12.5 percent to Japan's Mitsui for 467 million euros, which was adjusted on Monday from an original value of 416 million euros. The components maker said it plans to float up to quarter of its shares.
Gestamp is controlled by the Riberas family through its Acek holding company and Risteel subsidiary. The listing will consist of the sale of some of Acek and Risteel's shares to international institutional investors and the Riberas family will remain the company's core shareholder, Gestamp said on Monday.
The shares will be listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges in the second half of the year.
The listing prospectus is currently being reviewed by the market regulator CNMV, Gestamp said in a statement confirming its intention to list first announced in October.
Gestamp, formed in 1997 from the integration of several small companies that stamped automobile parts out of sheet metal, reported a rise in net profit of 37.1 percent from a year earlier in 2016 to 221 million euros. Its core profit (EBITDA) rose 10.6 percent from a year earlier to 841 million euros.
($1 = 0.9379 euros)
(Corrects fifth paragraph to read "Acek holding company" instead of "Acek family")
Prosegur Compania de Seguridad SA is a Spain-based company engaged in the provision of security services. The Companyâs activities are divided into business segments: Integrated Security Solutions (ISS), Cash in Transit (CIT) and Alarms. The ISS division provides surveillance and protection of premises, property and persons, as well as activities related to technological security solutions. The CIT division offers transportation, storage, safekeeping, counting and classification of coins and banknotes, deeds, securities and other goods that require special protection. The Alarms division comprises installation and monitoring of home alarms. The Company operates through numerous subsidiaries in Europe, Latin America, Asia, Africa and Australia. It is controlled by Gubel SL.