March 12, 2018 / 11:12 AM / a year ago

UPDATE 1-NIBC Bank valued at up to 1.5 bln euros in listing

(Updates with quote from CEO; listing ambitions scaled back.)

AMSTERDAM, March 12 (Reuters) - NIBC Holding NV said on Monday shares in its planned listing in Amsterdam would be priced at 8.75-10.25 euros, indicating a market value of 1.28-1.5 billion euros ($1.58-1.85 billion) for the Hague-based bank.

Owner JC Flowers will sell a stake of up to 30 percent in the secondary offering, worth around 384-450 million euros.

The number of shares on offer was slightly lower than the 35 percent the company indicated when it announced its intention to float two weeks ago, and the company’s valuation was lower than the 1.5-1.8 billion euros seen by Reuters’ sources.

The company reported a book value of 1.92 billion euros at the end of 2017.

CEO Paulus de Wilt said on a call with reporters that the size of the offer had taken into consideration recent market volatility.

Additionally, the company said on Monday it would introduce strong takeover defences together with the listing. It will create an independent foundation the right to issue shares to thwart an unwanted takeover — a strong poison pill measure used by many Dutch companies.

The offer period runs through March 21, with final pricing March 22 and listing the following day. ($1 = 0.8112 euros) (Reporting by Toby Sterling Editing by Alexander Smith and Louise Heavens)

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