French second-hand car group Aramis prices IPO at bottom of range
17/06/2021 18:04
PARIS, June 17 (Reuters) - French second-hand car group
Aramis, which is majority-owned by Stellantis STLA.MI , said on
Thursday it had set a final price of 23 euros per share for its
stock market debut, valuing the group at around 1.9 billion
euros ($2.26 billion).
Aramis, which operates CarSupermarket in Britain and is
present in Belgium, France and Spain, had previously given an
indicated price range of between 23 and 28 euros per share for
its Initial Public Offering.
It has raised 388 million euros through the IPO, an amount
that may be increased to 446 milion euros, in the case of a full
exercise of the over-allotment option granted by the founders of
the company, the statement said.
Aramis, which starts trading on June 18 in Paris, joins
digital music group Believe and several other French firms in
testing investor appetite amid signs of some market fatigue
following a flurry of IPOs this year.
The market for second hand cars has been very strong, which
analysts have in part linked to a semiconductor shortage that
has affected new car production.
Earlier this month, French car parts distributor Parts
Holding Europe (PHE) scrapped its Paris initial public offering,
citing unfavourable market conditions. urn:newsml:reuters.com:*:nL5N2NK4EW
(Reporting by Dominique Vidalon; editing by Barbara Lewis)
((dominique.vidalon@thomsonreuters.com; +33149495432; Reuters
Messaging: dominique.vidalon.reuters.com@reuters.net))