(Adds details, interview, background)
By Andrés González and Dasha Afanasieva
MADRID, April 7 Shares in Spanish car parts
maker Gestamp fell on Friday in one of Europe's
biggest stock market flotations of the year.
Gestamp's share sale, which closed on Wednesday, valued it
at about 3.2 billion euros ($3.40 billion).
The shares were down 2.6 percent at 5.45 euros ($5.83) at
1225 GMT in their debut on Friday.
Gestamp's owners, the Riberas family, planned to list up to
32.5 percent of the company.
Three of Europe's biggest listings this year have taken
place in Madrid as companies take advantage of buoyant markets.
Security firm Prosegur Cash and home builder
Neinor both listed in March.
Spain's blue-chip Ibex index is up 20 percent over
the past six months.
Formed in 1997, Gestamp supplies parts for more than 800
models for manufacturers such as Volkswagen and
Renault. It has 98 plants in 21 countries.
The company makes more than half of its revenue outside of
Europe and has plenty of scope to grow in foreign markets, Chief
Executive Francisco Riberas told Reuters.
Core earnings before interest, tax, depreciation and
amortisation (EBITDA) rose almost 11 percent to 841 million
euros in 2016.
The car industry has been a bright spot in Spain's
manufacturing sector over the past few years, with companies
including Ford and Volkswagen's Spanish brand Seat
increasing production, mostly for export.
The Riberas family will raise gross proceeds of around 1.1
billion euros if an over-allotment option is exercised,
Gestamp's prospectus showed.
JP Morgan, Morgan Stanley and UBS were the joint global
coordinators and bookrunners on the deal. Santander, Deutsche,
Societe Generale were also bookrunners. The financial advisor
($1 = 0.9403 euros)
(Writing by Angus Berwick; editing by Isla Binnie and Jason