SPAIN – CAI-backed Imaginarium to list on MAB

The flotation follows a capital increase among existing shareholders.

The shares have been priced at EUR 4.94 -EUR 5.79 which would give the Saragossa-based toy manufacturer a market cap of EUR 84-98.5m. The offer targets qualified investors in Andorra, the UK, Germany and Portugal. The deal would also see the CAI divest its 19% stake in the company.

In July 2002, the private equity arm of luxury group LVMH, L-Capital, acquired a 40% stake in Imaginarium's holding company, Step Two. A further 25% stake was acquired by 3i. Both 3i and L-Capital exited their investments in a EUR 80m buyback in 2006.

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