January 23, 2018 / 4:45 PM / a year ago

Plastics maker Novares back on track with IPO: sources

PARIS (Reuters/IFR) - French plastics maker Novares will re-launch its initial public offering (IPO) on the Paris stock exchange (ENX.PA) in the coming days or weeks after postponing it last November, two sources familiar with the matter said.

Novares has said it plans to raise 130-150 million euros via new shares. Its website says the company is seeking to use the IPO proceeds to finance new growth opportunities, especially through mergers and acquisitions, while retaining financial flexibility. Novares said on Nov. 6 it planned to postpone its IPO schedule without giving any reasons and said it was committed to complete the project in the future. One banking source said that the company would start pre-marketing and book-building in the next few weeks. Another source said that the process could start at end of this week or next week.

Novares declined to comment. 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 1.20-1.25 billion euros from 1.88 billion in 2016.

Reporting by Gilles Guillaume in Paris, Robert Venes from IFR in London and Arno Schuetze in Frankfurt; Writing by Maya Nikolaeva. Editing by Jane Merriman

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