Applus prices shares at €14.50

At the end of last month, Applus set its share price range at €13.25-16.25 per share. The fixed price follows further evaluation of current market conditions and the completion of the book building period.

The IPO will see more than 20 million new shares offered for subscription with a nominal value of €0.10 per share and with an issue premium of €14.40 per share. The offering represents 15.9% of Applus's share capital. The offer for sale will comprise more than 55 million shares with the same nominal value, representing 42.4% stake of the company, expected to generate €800m, and will be available following the IPO.

Morgan Stanley and UBS are joint global coordinators for the IPO. Morgan Stanley, UBS, Citigroup and JP Morgan are the joint bookrunners.

Carlyle will hold onto a significant stake following the initial offering. The buyout house currently owns 68.3% of Applus, following a €1.48bn buyout in 2007. Investindustrial entered the firm's shareholding later that year, taking a 5% stake in a €20m deal. The company is the sole minority investment in Investindustrial's portfolio.

In 2005, Sociedad de Promoción y Participación Empresarial Caja Madrid, the private equity arm of Caja Madrid, injected €133m into Applus in exchange for a 19% stake in the firm, a deal which saw Grupo Agbar and Unión Fenosa reduce their shareholding in the company.

Applus specialises in testing, inspection and certification, serving clients across all industries to ensure assets and products comply with regulations, including environmental, quality, health and safety rules. In 2013, the company generated turnover of €1.6bn. Applus employs 19,000 people and is present in 60 countries.

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• Topics
• Southern Europe
• Exits
• Carlyle Group
• Investindustrial
• Spain