| MADRID, March 13
MADRID, March 13 Spanish car parts maker Gestamp
(IPO-GEAU.MC) is planning an IPO valuing it at around 3.4
billion euros ($3.6 billion), 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 and Renault
and has 98 plants worldwide and over 36,000 workers.
The planned initial public offering is the third Spanish
stock market listing announced this year after Prosegur
IPO-PROS.MC 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
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.
The listing consists of shares held by stakeholders the Acek
family and affiliate Risteel to international institutional
investors, while the controlling family Riberas 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.
The company, 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. Core profit (EBITDA) rose
10.6 percent from a year earlier to 841 million euros.
($1 = 0.9367 euros)
(Editing by Sonya Dowsett and Alexander Smith)