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SocGen to sell 23% of ALD

Up to 23% of ALD Automotive will be offered for sale in the initial public offering (IPO) planned for later this month, Société Générale (SocGen) announced on Monday, with both the French Retail Offering and the International Offering starting immediately.
 
An IPO of that size would bring in as much as €1.6 billion for the French bank, and parent company of ALD. That would make it the biggest IPO in France in more than a year and a half. 
 
The bank said an initial sale of 80.8 million shares, i.e. 20% of ALD's share capital, would generate gross proceeds of €1.15 billion and 1.4 billion. Assuming the overallotment option – which allows underwriters to issue 15% more shares than originally planned (i.e. an extra 2.1 million shares) – is exercised fully, the total size of the global offering will range between €1.32 billion and €1.62 billion.
 
The indicative price range is between €14.2 and €17.4 per share. That corresponds to a total value for ALD of between €5.74 billion and 7.04 billion. An announcement on share prices is expected for June 15. Shares are expected to start trading in Euronext Paris from June 16.
 
The offering period for the French Retail Offering will start on 5 June 2017 and is expected to close on 14 June 2017 at 5 pm (Paris time) for orders made at the branches of financial institutions and 8 pm for orders placed online. The offering period for the International Offering will start on 5 June 2017 and is expected to close on 15 June 2017 at 1 pm. 
 
SocGen has said the IPO will help ALD generate both the visibility and the funds needed to accelerate its development. The bank has confirmed that it intends to remain ALD's controlling shareholder. 
 
Image: ALD Automotive
05/06/2017  |  Frank Jacobs

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