FRENCH industrial laundry company Elis, 83 per cent owned by investment group Eurazeo, set an indicative price range for its stock float of €12 to €19 a share yesterday.
Elis plans to raise a gross amount of about €700m (£523.2m) from the issue of new shares, as well as €50m from a secondary offering, Eurazeo said in a statement.
Eurazeo plans to keep a minimum of 32.6 per cent of the company’s share capital after the initial public offering (IPO), and assuming an over-allotment option is exercised, it said.
“The IPO is a new milestone for Elis’ development,” said Xavier Martire, Elis chief executive, adding that the money raised would mostly be used to pay down debt.
The offer period will run from 28 January until 9 February with Elis shares due to be listed from 11 February, Eurazeo said.