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UPDATE 1-French glassware maker Verallia kicks off Paris listing

Mon, 23rd Sep 2019 09:55

By Dominique Vidalon

PARIS, Sept 23 (Reuters) - French glass bottle maker Verallia said on Monday it could raise up to 1.11 billion euros ($1.22 billion) in an initial public offering in Paris later this month, in the country's biggest stock market flotation so far this year.

Verallia, which supplies containers to brands like chocolate spread maker Nutella, said the funds raised would give it scope to make acquisitions and provide liquidity to selling shareholders.

They include U.S. private equity firm Apollo, which bought control of the company in 2015.

Verallia set an indicative price range of between 26.50 euros and 29.50 euros per share for the IPO, giving it a market value of 3.1-3.5 billion euros and an enterprise value of up to 5.3 billion euros, including debt, CEO Michel Giannuzzi told a conference call.

Verallia said the initial size of the global offering for the sale of 34.4 million shares would raise around 911 million euros ($1 billion) based on the low end of the indicative range.

At the high end of the range, and provided an over-allotment option is exercised, the IPO would raise 1.11 billion euros.

The final pricing of the sale is expected on Oct. 3 with the shares due to start trading on Oct.8.

Verallia said Horizon Parent Holding, a holding company in which Apollo has a 90% stake and French state-owned bank BPIFrance a 10% stake, would retain a controlling 60.6% stake.

BPI has committed to invest 40 million euros in the international offering and BWSA, a Brazilian investment company, will invest 275 million euros. BWSA, which will end up with a stake of at least 7%, will be offered a board seat.

Verallia will potentially be the largest IPO on Euronext's Paris stock market since June 2017 when Societe Generale floated a stake in its car leasing arm ALD Automotive that valued the firm at more than 5 billion euros.

Verallia, the world's third largest maker of glass bottles and jars, also supplies brands such as Dom Perignon champagne. ($1 = 0.9074 euros) (Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta, Sarah White and Jane Merriman)

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