Spain's Comisión Nacional del Mercado de Valores (CNMV) has approved the prospectus for supplier Gestamp's initial public offering of shares.
The majority shareholder, the Riberas family through their holding company Acek, will sell shares in about 27% 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.
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Following the offering, the Riberas family will continue as the majority shareholder, holding a 58.95% of the share capital (54.9% if the over-allotment option is exercised), while Mitsui and some Gestamp 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 for institutional investors with the shares expected to be listed on the Madrid, Barcelona, Valencia and Bilbao stock exchanges on 7 April under the ticker GEST.
The indicative and non-binding price range guidance has been set between EUR5.60 and EUR6.70 per share and the offering final price is expected to be determined around 5 April.
Gestamp expects to keep its remuneration policy of approximately 30% distribution of its net profit, starting in 2018 and based on its 2017 results.
