UPDATE 1-Braas Monier prices IPO shares at 24 euros

Tue Jun 24, 2014 2:27pm EDT

Related Topics

*  Braas Monier sells shares at 24 euros apiece

*  Price range was 23-28 euros/shr

*  Trading to start Wednesday

*  Free float 57.5 percent after listing

FRANKFURT, June 24 (Reuters) - German roofing company Braas Monier is selling shares at 24 euros ($32.63) each, the lower end of a 23 to 28-euro price range in Germany's largest stock market listing so far this year.

Shares worth 470 million euros are being placed with a supplementary greenshoe option worth a further 71 million euros, giving the company a market value of approximately 940 million euros ($1.28 billion), Braas Monier said in a statement on Tuesday.

Trading is due to start on Wednesday, in what will be the the largest IPO in Germany this year, eclipsing the size of the listings of car parts maker Stabilus and 3D printer maker SLM Solutions.

The company's existing shareholders are selling 15,416,667 shares following a multi-year restructuring resulting in a free float of approximately 57.5 percent, Braas Monier said.

In the wake of a downturn in construction markets, creditors including Apollo, TowerBrook, York and BNP Paribas agreed to swap some of their debt for equity, taking control of Braas Monier and reducing its liabilities.

After a refinancing deal struck in April 2014, Braas Monier's debt now stands at 565 million euros, comprised of a 315 million euro bond and 250 million euros in loans all due in 2020.

The flotation is set to give Braas Monier an enterprise value of 1.5 billion euros, or 7.5 times its EBITDA, a slight discount to the multiple of listed peers, which trade at an average of about 8 times expected earnings.

BNP Paribas, JP Morgan and UBS are organising the flotation with the help of Goldman Sachs and Berenberg. ($1=0.7355 euros) (Reporting by Arno Schuetze, Alexander Huebner, writing by Edward Taylor, editing by Greg Mahlich)

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