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Apollo-backed Verallia could raise up to €1B in Paris IPO

Verallia SA is poised to launch its IPO in Paris later in September to raise as much as €1 billion, Reuters reported.

The French glass bottle manufacturer plans to offer up to 34.4 million shares in the IPO, which has an indicative per-share price range of €26.50 to €29.50. The price range gives Verallia a market value of €3.1 billion to €3.5 billion and an enterprise value of as much as €5.3 billion, including debt, CEO Michel Giannuzzi reportedly said on a conference call.

Gross proceeds from the offering could total roughly €911 million based on the low end of the range, or €1 billion if the IPO prices at the high end of the range and if the overallotment option is exercised, the company reportedly said.

The company's IPO would be the largest on Euronext's Paris stock market since Société Générale SA's floatation of a stake in its car leasing business ALD that gave it a more than €5 billion valuation, Reuters noted.

Verallia expects proceeds from the IPO to offer liquidity to U.S. private equity firm Apollo Global Management Inc. and other selling shareholders, while providing the company with the flexibility to pursue acquisitions.

The company was acquired by Apollo and Bpifrance Investissement in 2015. Horizon Parent Holding, which is 90/10-owned by Apollo and Bpifrance, would keep a controlling 60.6% stake in Verallia.

Bpifrance committed to invest €40 million in the IPO, while Brazilian investment company BWSA will invest €275 million in exchange for an at least 7% stake and a board seat at Verallia.

Apollo halted prior plans to sell Verallia in favor of an IPO, according to earlier reports.

Verallia could finalize the pricing of the offering Oct. 3 and could start trading its shares Oct. 8, according to Reuters.