Natixis raises 832 mln eur in Coface IPO
PARIS, June 26
PARIS, June 26 (Reuters) - French credit insurer Coface set a price for its stock market listing in the middle of the previously indicated range, enabling owner Natixis to raise about 832 million euros ($1.13 billion) by selling its 51 percent stake.
The initial public offering price of 10.4 euros a share gives Coface a market value of around 1.63 billion euros, Natixis said in a statement on Thursday. The price range was 9.6 to 11.2 euros.
Natixis said it would still hold 49 percent of Coface after the IPO, or 41.35 percent if it fully exercises an over-allotment option of up to 15 percent of the offer.
The operation was carried out jointly by Natixis and JPMorgan. ($1 = 0.7359 Euros) (Reporting by James Regan; Editing by Michel Rose)