A French car dealer group that owns CarSupermarket.com via its holding company Motor Depot aims to raise the equivalent of nearly £414m in euros with its initial public offering.
Aramis, which itself is owned by Stellantis, is looking to issue shares to the public, and according to capital.com Aramis reckons they’ll be between £20 and £24 each, going by the current euro exchange rate.
It also says the IPO will comprise some £215m in new ordinary shares, as well as the sale of shares already held by Nicolas Chartier and Guillaume Paoli, who are its co-founders, plus those of other minority shareholders.
Along with the possibility of an over-allotment option, that would place the total transaction value between £384m and £414m (€446m and €481m).
Stellantis isn’t selling any of its shares and will still be Aramis’s majority shareholder.
In a statement, Chartier and Paoli said: ‘With our track record of profitable growth and our leading technology platform, we believe we are ideally positioned to seize growth opportunities and create value for our future shareholders.’
The money will be used to expand in existing markets as well as buy into new ones in Europe.
The share offering ends on June 17 at 1pm CEST, with trading due to begin the next day on the Paris Euronext exchange.
In February, the German AUTO1 Group – which is Europe’s biggest used car dealer company – pulled in more than £1.5bn with its IPO and its shares rose by up to 49 per cent when they debuted.