UPDATE 1-LNG tanker hull linings group GTT launches IPO

Mon Feb 17, 2014 10:22am EST

* GTT to raise 675 mln eur in IPO

* Total, Hellman & Friedman to cut stakes in IPO

* Shares due to start trading on Feb. 27 (Adds detail, background)

PARIS, Feb 17 (Reuters) - Gaz Transport & Technigaz (GTT), a subsidiary of GDF Suez, Total and private equity fund Hellman & Friedman, said it plans to raise up to 675 million euros ($924 million) in a stock market listing later this month.

The world's No. 1 maker of insulated hull linings for tankers that carry liquefied natural gas (LNG) will offer 13.5 million shares in an indicative price range of 41 to 50 euros per share, GTT said on Monday.

The initial public offering (IPO) will value the company at between 1.52 billion and 1.86 billion euros, taking into account an overallotment option of 15 percent of shares offered, GTT said.

After the IPO, GDF is expected to retain around 40 percent of the capital of GTT, while Total and Hellman & Friedman's stakes will be cut to 8.8 percent each. The number of shares in free float will represent 41.8 percent of the capital.

The price for the IPO is expected to be fixed on Feb. 26, with trading due to start on Euronext in Paris on Feb. 27.

GTT, based outside Paris, has 70 percent of the market for the high-tech alloy membranes that line the hulls of the world's LNG carriers. Its main customers are Korean and Chinese shipbuilders who pay GTT up to $10 million per ship.

GTT posted sales of 218 million euros last year, up from 89 million in 2012. ($1 = 0.7307 euros) (Reporting by Natalie Huet and Pascale Denis; Editing by Andrew Callus)