(Reuters) -Belgium’s Azelis Group NV said on Thursday it priced its initial public offering at 26 euros a share, valuing the chemicals group at just over 6 billion euros ($7.05 billion).
The company, majority-owned by private equity firm EQT, is expected to have a free float of about 29.1% including over-allotment options, it said, adding the IPO was “multiple times oversubscribed at the top of the price range.”
The specialty chemicals and food ingredients distributor’s IPO is worth about 1.8 billion euros, including primary and secondary offerings, and the over-allotment option.
Azelis is slated to start trading on Euronext Brussels from Sept. 17 after books on the IPO were closed early.
The public listing of the company, which was created through the 2001 merger of Novorchem in Italy and Arnaud in France, follows an active first half of the year when European IPOs have hit their highest level since before the financial crisis.
The Antwerp-based company, which grew its adjusted EBITA by 16% in 2020, said it was raising funds in efforts to lower its net debt, which currently amounts to about 1.6 billion euros.
($1 = 0.8506 euros)
Reporting by Aditi Sebastian and Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber
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