January 26, 2018 / 10:06 AM / 3 months ago

UPDATE 1-French group Novares aims for February listing as IPO gets back on track

* Aiming to raise 130-150 mln euros in new shares

* Hoping to list on Paris market in February

* Targeting one takeover in Czech Republic, one in Hungary (Adds CEO and CFO comments from news conference)

By Gilles Guillaume and Dominique Vidalon

PARIS, Jan 26 (Reuters) - French plastics maker Novares IPO-NOVARES.PA is aiming to list its shares on the Paris stock exchange next month and possibly raise as much as 150 million euros ($187 million) to help fund growth and acquisitions, said Novares executives.

The executives were speaking after the company filed its “Document de Base” with the country’s AMF stock market authority - a formal, first step towards relaunching its initial public offering (IPO) process, after a delay in November.

Finance Chief Francois Sordet told a news conference that Novares still aimed to raise 130-150 million euros via new shares and would use part of the proceeds to fund growth opportunities.

The move to relaunch its IPO also confirmed an earlier Reuters report this week.

Novares is in exclusive talks to make two targeted acquisitions in the Czech Republic and in Hungary, which could be finalised during the first half of the year, added Chief Executive Pierre Boulet.

Novares said on Friday that its November IPO delay was related to accounting changes for a Chinese unit of the group.

Novares mostly produces plastic items for car interiors, such as door handles, dashboard components or air vents.

Investment fund Equistone owns a 72.3 percent stake in Novares, while French state bank BPI holds 15.1 percent.

Its revenue is expected to grow 7.9 percent to 1.18 billion euros in 2017, rising 7 percent to 1.2-1.25 billion euros in 2018, and by more than 7.5 percent in 2019.

$1 = 0.8027 euros Reporting by Gilles Guillaume and Dominique Vidalon; Editing by Sudip Kar-Gupta

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