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Gaz Transport plans €675m Paris flotation

February 18, 2014


GAZ TRANSPORT & Technigaz (GTT), a subsidiary of GDF Suez, Total and private equity fund Hellman & Friedman, said yesterday it plans to raise up to 675m (553m) in a stock market listing later this month.

The world's largest maker of insulated hull linings for tankers that carry liquefied natural gas (LNG) will offer 13.5m shares in an indicative price range of 41 to 50 per share, GTT said.

The initial public offering (IPO) will value the company at between 1.52bn and 1.86bn, taking into account an overallotment option of 15 per cent of shares offered, GTT said.

After the IPO, GDF is expected to retain around 40 per cent of the capital of GTT, while Total and Hellman & Friedman's stakes will be cut to 8.8 per cent each. The number of shares in free float will represent 41.8 per cent of the capital.

The price for the IPO is expected to be fixed on 26 February, with trading due to start on Euronext in Paris on 27 February.

GTT, based outside Paris, has 70 per cent of the market for the hightech alloy membranes that line the hulls of the world's LNG carriers. Its main customers are Korean and Chinese shipbuilders who pay GTT up to $10m per ship.

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Source: City A.M. (UK)

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