Carlyle-backed energy inspection and testing company Applus plans to raise €300m through Spain’s first corporate IPO since 2011.
Most of the capital raised will be used to pay off debt according to a statement from the company, which had revenues of €1.6bn in 2013.
In January the FT reported the IPO could be scrapped amid buyout interest from private equity houses Advent International, BC Partners and Cinven.
It said that all three had held discussions with Carlyle, which bought the Spanish-headquartered business in November 2007 in a deal which valued the company at €1.48bn.
Europe-focused private equity firm Investindustrial picked up a five per cent stake for €20m five months later, leaving Carlyle owning about 76 per cent and the remainder held by banks.
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