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 / ForexCryptocurrenciesEconomic 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 CEST

FRANKFURT (Reuters) - 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
Stocks mentioned in the article
ChangeLast1st jan.
DELIVERY HERO 0.70% 48.96 Delayed Quote.48.36%
GLENCORE -1.25% 309.1 Delayed Quote.-20.74%
KOREA ZINC CO LTD --End-of-day quote.
NYRSTAR -1.17% 4.55 Delayed Quote.-32.20%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
05:16aNEWS HIGHLIGHTS : Top Company News of the Day
DJ
05:16aNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
05:02aMEKONG TOURISM COORDINATING OFFICE : Laos To Introduce E-Visa by 2019
PU
04:52aSTATE GOVERNMENT OF QUEENSLAND : Secret world of the Internet of Things opens up
PU
04:52aSTATE GOVERNMENT OF QUEENSLAND : Pentagon meeting advances Queensland’s emerging biofuel industry
PU
04:42aCITY OF CORDOVA AK : Chip-sealing to Commence July 18
PU
04:39aAsia stocks sag after oil slides, dollar steady before Fed speech
RE
04:38aChina state planner approves $39 billion in fixed-asset investment projects in first-half
RE
04:37aChina's June home prices accelerate to near two-year high
RE
04:27aSTATE GOVERNMENT OF WESTERN AUSTRALIA : Premier visits Esperance on the back of MinRes deal
PU
Latest news "Economy & Forex"
Advertisement