26th Jun 2014 12:54
LONDON (Alliance News) - Imperial Tobacco PLC Thursday set the price range for the upcoming flotation of its European logistics business, Logista, at EUR12.50 to EUR15.50 per share, which would give the company a market value of around EUR1.86 billion based on the mid-point of the price range.
Earlier this month, the FTSE 100-listed cigarettes and tobacco company announced that it will float Logista on the Spanish stock exchanges, stating that it will launch an IPO of Logista via Imperial's indirect wholly-owned subsidiary Altadis SAU.
It said it would be selling a portion of its shares to institutional investors, but will retain the majority of Logista shares.
Imperial Tobacco said Thursday that it intends to sell up to 30% of its shares in Logista to institutional investors. The company, which set the IPO price range at between EUR12.50 to EUR15.50 per share, said that the final IPO price is expected to be announced on or around July 10 and "may be outside this range." The IPO only comprises of existing shares in the company. It said the maximum deal offer size is 39.8 million shares, assuming full exercise of the over-allotment option is taken up.
Logista makes more than 35 million tobacco deliveries a year to 300,000 outlets across Spain, France, Italy, Portugal and Poland, the group said. For the six months ended March 31 and the year ended September 30, 2013, Logistica had "economic sales" of EUR516 million and EUR1.01 billion
The company said Credit Suisse Securities (Europe) Limited and Goldman Sachs International will be joint global coordinators for the IPO, as well as join bookrunners together with Morgan Stanley & Co. International PLC. Banco Bilbao Vizcaya Argentaria SA and Société Générale are acting as joint lead managers.
Imperial Tobacco shares were down 0.5% at 2,618.00 pence Thursday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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