LONDON (Reuters) - Blue Solutions, the battery company being listed by Vincent Bollore, has already filled the order book for its upcoming share sale, the French industrialist said on Wednesday.
Bollore is selling up to 11 percent of Blue Solutions - whose batteries power vehicles used by the Autolib car-sharing scheme in Paris, private cars and buses - to raise the company’s profile and improve future funding possibilities.
He said he did not intend to put more shares up for sale even if there was excess demand.
He added that he would not raise the price above the 12-14.50 euro range, which values the company at up to 418 million euros ($576 million).
Blue Solutions was working with new technologies whose future was yet to be proven.
“We are asking people to be reasonable. It is a fantastic dream - if it works,” Bollore told reporters during a presentation in London for the initial public share offer (IPO).
The main risks to the business were if the Lithium Metal Polymer (LMP) batteries proved not to last for more than 10,000 recharge cycles and if other companies developed similar or better battery technology.
So far, the batteries have been tested to around 6,000 cycles in a laboratory, a company official said.
The loss-making company expects 42 million euros of sales in 2013 and 105 million next year. It hopes to break even at core profit (EBITDA) level in the second half of 2014, according to presentation slides.
Blue Solutions is due to price the IPO on October 29 with trading due to start in Paris on the October 30. ($1 = 0.7256 euros)
Reporting by Jane Barrett; Editing by Anthony Barker