June 13, 2017 / 7:11 PM / 2 months ago

Belgium's Balta sets IPO at bottom of price range

BRUSSELS, June 13 (Reuters) - Belgian carpet maker Balta said on Tuesday it would sell shares in its initial public offering (IPO) at 13.25 euros each, the bottom of the indicated range, and reduce the amount on sale by 10.7 percent due to tough market conditions.

The number of new shares on offer will remain the same, raising some 138 million euros ($155 million) for the company.

Private equity owner Lone Star, however, will sell fewer of its shares than initially planned, making the total offering worth about 204 million euros, assuming an over-allotment option is not exercised.

Balta said its market capitalisation would be about 476 million euros with 35.9 million shares outstanding and a free float of 42.8 percent.

Trading of the shares is due to start on June 14.

The group narrowed its IPO range on Monday to 13.25-13.75 euros from an initial 13.25-16.00 euros.

The flotation was not helped by a tech sell-off that drove European shares to a seven-week low on Monday, just when many investors were deciding whether or not to invest in Balta.

J.P. Morgan Securities and Deutsche Bank are joint global coordinators, Barclays Bank is joint bookrunner and ING Belgium and KBC Securities are joint lead managers. ($1 = 0.8921 euros) (Reporting By Philip Blenkinsop; editing by David Clarke)

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