PARIS (Reuters) - French plastics maker Novares [IPO-NOVARES.PA] priced its initial public offering (IPO) at between 6.30-8.00 euros per share on Monday, adding that the deal could give it a stock market capitalisation of up to 550 million euros (£485 million).
Novares mostly produces plastic items for car interiors, such as door handles, dashboard components or air vents, and the company said the IPO would help fund future acquisitions.
Investment fund Equistone owns a 72.3 percent stake in Novares, while French state bank BPI holds 15.1 percent.
Pierre Boulet, chairman and chief executive of Novares, said the IPO implied a stock market capitalisation of between 470-550 million euros, and added that Novares planned to pay out a dividend from 2020 onwards.
Novares’ revenue is expected to grow 7.9 percent to 1.18 billion euros for 2017, rising 7 percent to 1.2-1.25 billion euros in 2018, and by more than 7.5 percent in 2019.
Reporting by Gilles GuillaumeEditing by Louise Heavens/Sudip Kar-Gupta