PARIS, June 10 (Reuters) - Shares in Europe’s third-largest catering group, Elior, will be priced at 14.75 euros in its stock market return on Wednesday, which would allow it to raise at least 847 million euros ($1.15 billion) to cut debt and fund expansion.
The firm, which competes with France’s Sodexo and Britain’s Compass, priced its shares towards the bottom of the indicated range of 14.35 to 17.50 euros per share, stock market operator Euronext said on Tuesday.
The listing would give Elior a market value of 2.4 billion euros. It will be one of largest new listings on the French bourse this year along with Coface, the trade credit insurance unit of French bank Natixis, IntercontinentalExchange Group’s Euronext, energy services group Spie and Atos Worldline, the payment and transactions processing unit of IT service group Atos.
Elior is selling 785 million euros worth of new shares and 62 million euros worth of shares from existing holders including Charterhouse, Chequers, Bagatelle Investissement et Management, Intermediate Capital Group and Sophia Global Investment.
Elior shares will start trading at 0700 GMT on June 11 for their return to the Paris bourse after an eight-year absence.
$1 = 0.7345 Euros Reporting by Dominique Vidalon; Editing by James Regan and Pravin Char