May 31, 2017 / 6:48 AM / 6 months ago

Belgian carpet maker Balta sets IPO price range

BRUSSELS, May 31 (Reuters) - Belgian carpet maker Balta said on Wednesday it planned to raise 264 million euros ($295.0 million) in its initial public offering on the Brussels stock exchange, selling its shares at between 13.25 and 16.00 euros a piece.

The group had announced its intention to list earlier this month, saying it was aiming to reduce its debt.

Balta said its market capitalisation would be between 476 and 545 million euros 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 would also sell a part of its shares in a secondary offering, Balta said.

The group added its net proceeds from the offering would be about 137.6 million euros. The offer period will end on June 13, subject to early closing.

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 = 0.8949 euros) (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)

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