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Carlyle-backed Applus eyes €1.1bn IPO

25 Apr 2014

madrid 30_sqPrivate equity-backed Spanish testing business Applus is reportedly expecting to raise €1.1bn via an IPO on Madrid’s stock exchange.

Applus, which is backed by private equity major Carlyle, has priced its IPO at €13.25 to €16.25 per share, which would value it at as much as €2.8bn including debt, said Reuters, citing two sources familiar with the deal.

The company expects to float between 53 and 63 per cent, planning to sell €300m worth of new shares in addition to €800m worth of shares sold by its investors, said the report.

UBS and Morgan Stanley will lead the IPO with JP Morgan and Citi acting as joint bookrunners.

Earlier this year Applus said it would use most of the proceeds to pay off its debts.

Carlyle bought the business in 2007 in a deal that valued it at €1.48bn.

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