3i to float Norma Group
3i has announced its plans to list auto parts supplier Norma Group on the Frankfurt stock exchange.
The total target issue value including a greenshoe option will be around €430m.
Existing shares with a value of between €200m and €280m will also be offered, including a greenshoe option of around €45-55m. After the IPO, 50-60% of the company will be floated on the stock exchange.
3i acquired a 73% stake in Norma Group for €500m in 2006.
Norma Group was founded in 1949 and is based in Maintal, Germany. The company manufactures coupling and fastening instruments used in the automotive industry. The industrial supplier had a turnover of €490m in 2010 and employs about 3,500 people.
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