Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

German metals recycling group Befesa IPO priced at 28 euro/share

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/02/2017 | 07:21pm CET

German metals recycling group Befesa said it priced its initial public offering of shares at 28 euros (25.00 pounds) apiece, the bottom of the offer range, ahead of its market debut on Friday.

Befesa is the largest initial public offering (IPO) in Germany this year after online takeaway food delivery group Delivery Hero (>> Delivery Hero AG) and ahead of meal kit group HelloFresh, which listed earlier this week.

Befesa, which controls almost half of Europe's steel dust recycling market, said in a statement it would raise up to 461 million euros ($537 million), assuming full take-up of an over-allotment option.

The company is offering 14.3 million shares, plus up to 2.1 million more additional shares as part of the overallotment.

If that is fully taken up, its market capitalisation would total 954 million euros. Private equity shareholder Triton is selling down its stake. Befesa would have a free float of 48.3 percent if the offering is fully taken up.

Befesa collects steel dust from so-called mini-mills that melt scrap to produce new steel.

While it gets fees for accepting hazardous waste, it generates up to 90 percent of sales at its steel unit by selling zinc it extracts from the steel dust to companies such as Glencore (>> Glencore), Nyrstar (>> Nyrstar) or Korea Zinc (>> Korea Zinc Co Ltd). It has a similar, but smaller aluminium operation.

In the 12 months to the end of June, Befesa posted group adjusted earnings before interest, tax (EBIT) of 133 million euros on sales of 685 million euros.

Befesa was listed in Spain from 1998 to 2011. Spain's Abengoa bought a controlling stake in 2000 and later squeezed out minorities. It sold the company on to Triton in 2013 for 850 million euros in cash, or 1.1 billion euros including debt.

(Reporting by Arno Schuetze; Editing by Douglas Busvine and David Evans)

Stocks treated in this article : Korea Zinc Co Ltd, Glencore, Nyrstar, Delivery Hero AG
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
04:46p TEXAS A&M AGRILIFE EXTENSION SERVICE : Tri-county range, livestock clinic slated for Dec. 7 in Brady
04:41p MINISTRY OF FOREIGN AFFAIRS OF UNITED ARAB EMI : UAE and India discuss trade and economic relations.
03:51p DGCX DUBAI GOLD MMODITIES EXCHANGE : named ‘Exchange of the Year’ at FOW Global Investor MENA Awards 2017
03:04p UK's Hammond seeks answer to voter unrest in new housebuilding push
02:56p UN ESCWA UNITED NATIONS ECONOMIC AND SOCIAL COMM : Aboul Gheit Tomorrow at ESCWA to Open Regional Coordination Mechanism Meeting
02:35p Iran has exported 4.26 million barrels of oil from South Pars since March - ISNA
01:06p PRESIDENCY OF REPUBLIC OF SOUTH AFRICA : President Zuma to attend SADC Troika meeting
12:11p Battered GE shares lure some buyers but worst may not be over
12:01p UK OIL AND GAS INDUSTRY ASSOCIATION : Oil & Gas UK makes final case for tax change ahead of UK Budget
11:56a China pledges another three years of 'toilet revolution' to boost tourism 
Latest news "Economy & Forex"
Advertisement