French-headquartered outdoor advertising giant JCDecaux yesterday revealed that it plans to raise one billion euros from its forthcoming initial public offering, which it will use to fund acquisitions and pay off debts.
The group – Europe’s largest owner of poster sites – has decided to sell 20%–22% of its shares on the Paris stock exchange, following the shelving of previous IPO plans last year [WAMN: 25-May-01]. It has set a price range for its stock of E21 to E24.5, giving the company a total valuation of E3.8bn to E4.4bn – well below recent estimates of E6.5bn.
Around E700 million will be raised by a primary offering, predicts the company, with the rest coming from a secondary offering.
News source: Financial Times