Advent-backed Oberthur confirms 2015 IPO

The IPO would see Oberthur return to the public market after being taken private in 2008.

The announcement comes three weeks after a source close to the situation told unquote" Advent International was working towards an IPO. The GP intended to prioritise a flotation as an exit route given the company's "greater potential as a listed asset", according to that source.

The statement followed reports in French media that potential suitors Carlyle and Eurazeo had had their bids turned down by Advent as they fell short of the expected €1.7bn price.

According to these reports, the GP then took steps to initiate the IPO process as it appointed banks to set up the terms of the offering.

Founded in 1984, Oberthur develops smartcard-based security and identification technologies used by the mobile payments, transport and digital TV industries. With headquarters in Colombes, near Paris, the company works out of offices in more than 10 European countries, the US, South America and Asia.

The company currently employs 6,000 professionals and operates 11 R&D facilities. The business most recently generated $1.3bn in revenues, up from €979m when Advent bought it four years ago.

The GP became a majority shareholder in August 2011, when it invested via its €6.6bn sixth buyout fund to carve out the card systems and identity business units from parent Oberthur for €1.15bn. Meanwhile, the founding family Savare kept a 10% interest in the spinout after the takeover, according to unquote" data.

The divestment allowed the parent to concentrate on its money-printing operations, its main line of business when it was founded.

Under Advent's tenure, Oberthur has added on names from the smartcard industry such as US-based MoreMagic, Middle East specialist Cupola Plastic Cards, NagraID Security and established partnerships with corporates Etisalat, First Data and Secure Key, among others.

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