PARIS, June 16 (Reuters) - The shares of Societe Generale’s car leasing arm ALD Automotive opened higher on Friday, trading above their initial public offering price of 14.30 euros.
By 0710 GMT, ALD shares were trading at 14.50 euros while shares in parent French bank SocGen were up 0.84 percent at 46.80 euros.
On Thursday, ALD had priced the flotation near the lower end of its indicative range of between 14.20-17.40 euros per share, raising 1.2 billion euros ($1.3 billion) in France’s biggest initial public offering in more than 18 months.
ALD offers leases to corporate clients which make monthly lease payments to cover financing, depreciation of the vehicle and the cost of various services, such as tyre maintenance or insurance, while the vehicle is still owned by ALD.
$1 = 0.8967 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta