June 12, 2017 / 3:48 PM / a month ago

Belgium's Balta narrows IPO price range to 13.25-13.75 euros

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BRUSSELS, June 12 (Reuters) - Belgian carpet maker Balta narrowed the price range of its initial public offering on Monday to between 13.25 and 13.75 euros, at the bottom end of its previous guidance.

The group launched its flotation plan at the end of May with an offer period set to end on June 13, subject to early closing. Its previous IPO range was 13.25-16.00 euros.

Balta has said its market capitalisation would be between 476 and 545 million euros ($533-$610 million) after it had listed, with a free float of between 45 and 60 percent.

Along with the initial share sale, private equity owner Lone Star is also selling a part of its shares in a secondary offering.

The group has previously said that its net proceeds from the offering would be about 138 million euros. The listing is primarily designed to reduce the company's debt.

J.P. Morgan Securities and Deutsche Bank are joint global coordinators of the offering, with Barclays Bank also acting as a joint bookrunner and ING Belgium and KBC Securities being joint lead managers. ($1 = 0.8928 euros) (Reporting By Philip Blenkinsop; editing by Foo Yun Chee)

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