Spain-based Gestamp to enter stock market valued at US$ 3.8 billion

27 March, 2017

Warning: foreach() argument must be of type array|object, bool given in /home/mexiconow/public_html/sites/mexiconow/wp-content/themes/mexiconowwpnew/single.php on line 253

Spanish auto parts supplier Gestamp announced it would price its initial public offering (IPO) at 5.6 to 6.7 euros per share, valuing the company at 3.54 billion euros (US$ 3.8 billion) if it prices at the middle of the range.

The company aims to list on the Spanish stock exchange on April 7 in one of Europe's biggest stock market listings so far this year.

The majority shareholder, the Riberas family through their holding company Acek, will sell shares representing 27.00% of the Company (155,388,877 shares), which could increase to a maximum of 31.05% (178,697,208 shares), if the over-allotment option of up to 15% of the initial offer is exercised.

Following the Offering, the Riberas family will continue to be the majority shareholder of Gestamp, holding a 58.95% of its share capital (54.9% if the over-allotment option is exercised), while Mitsui and certain Company employees will retain their current stakes of 12.525% and 1.52% respectively, all of whom are under lock-up agreements during the 180 days that follow the closing of the Offering (360 days for employees).

The Offering is exclusively addressed to institutional investor, with the shares expected to be listed on the Madrid, Barcelona, Valencia and Bilbao Stock Exchanges on the 7th of April 2017 under the ticker GEST.

Gestamp supplies parts for more than 800 models of all kind of automakers and has 98 plants worldwide and more than 36,000 workers.

Gestamp and its subsidiary Edscha operate five plants in Mexico located in Aguascalientes, Toluca, Puebla. A sixth plant is under construction in San Luis Potosi. (US$ 1 = 0.9269 euros)

MexicoNow

- Nucor-JFE Steel Mexico to supply galvanized strips to automotive industry

- Voestalpine invests in Mexico to fulfill US$ 600 million order