January 26, 2018 / 9:14 AM / 24 days ago

French group Novares takes further step towards IPO

PARIS (Reuters) - French plastics maker Novares on Friday took a step towards re-launching its initial public offering (IPO) on the Paris stock exchange as it filed its “Document de Base” with the country’s AMF stock market authority.

Novares had previously said last November that it planned to postpone its IPO schedule, without giving any reasons.

“I am confident in the group’s ability to seize the significant growth opportunities in a dynamic market,” Pierre Boulet, chief executive of Novares, said in the filing.

“The proposed IPO will help Novares to increase the group’s financial flexibility to leverage these opportunities and reinforce its global positioning,” he added.

Novares mostly produces plastic items for car interiors, such as door handles, dashboard components or air vents.

Investment fund Equistone owns a 72.3 percent stake in the company, while French state investment bank BPI holds 15.1 percent. Its 2017 revenue is expected to grow to 1.2-1.25 billion euros ($1.5-$1.6 billion) from 1.88 billion in 2016.

Reporting by Gilles Guillaume and Dominique Vidalon; Editing by Sudip Kar-Gupta

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