PARIS (Reuters) - Societe Generale, JP Morgan and Credit Suisse have been appointed as global coordinators for the initial public offering of ALD Automotive, three sources familiar with the matter said.
The car leasing business, which is owned by France’s second-biggest listed bank Societe Generale (SOGN.PA), could be valued at between 6 billion euros and 9 billion euros ($9.8 billion) in the IPO, the sources told Reuters on Tuesday.
SocGen plans to sell a 20-25 percent stake in ALD toward the middle of this year, while retaining a majority holding in the company, which manages a worldwide fleet of 1.4 million vehicles.
Two of the sources said that ALD may issue its intention to float (ITF) in May, “depending on market conditions”. An IPO usually takes place four weeks after an ITF publication.
SocGen, Credit Suisse and JP Morgan declined to comment.
Reporting by Matthieu Protard, Maya Nikolaeva, Julien Ponthus in Paris and Arno Schuetze in Frankfurt; Additional reporting by Dasha Afanasieva in London; editing by Alexander Smith