[Article published at 12: 10 pm and updated at 17: 40 pm]
Not start with a bang for action ALD Automotive, a subsidiary of fleet management motor vehicle of the Société Générale. The bank has transferred 20% of the share capital at a price of 14.30 euro per share, in the bottom of the indicative range (14.20 and 17,40 euros), in order to have “a good level of subscription,” according to a source close to the dossier quoted by Reuters. The operation, before possible exercise of the over-allotment option, and earns 1.1 billion euros. And a significant added-value, of the order of 480 million euros compared to the value of its ownership interest in its accounts.
It is the most important introduction on the Paris Bourse of the year, and even since November 2015 and one of the leading european asset manager Amundi, a subsidiary of the Crédit Agricole group.
“We are proud of the success of the ipo of ALD, which marks a key step for the strategic development of our subsidiary,” said in the press release Frédéric Oudéa, the ceo of the banking group, quoted in the press release. “As the controlling shareholder, Société Générale group will continue to support ALD” he assured .
New heavy weight of the cote, in front of Casino
Number three in the world of the long-term rental and the european leader in fleet management auto, ALD, whose course has changed slightly up on Friday before closing unchanged, is valued 5,78 billion euros. This is a new heavy weight of the cote paris : ALD capitalizes more than the Casino retailing group, Eurotunnel, the operator of Eutelsat satellites or even the designer of smart cards and identification solutions, Gemalto.
“I am convinced that the ipo will enable it to gain visibility and strengthen the links with our partners and our customers. The listing of PALS will increase our flexibility to further accelerate our development and strengthen our position as a global leader in providing mobility solutions, ” commented the general manager of ALD Mike Masterson, who rang the bell at the opening of business at Euronext on Friday morning.
Ceremony the most important IPO in Europe this year in terms of market capitalization this morning in Paris. Bravo @ALDAutomotiveFR! pic.twitter.com/e9D84AGBTt
— Euronext_Paris (@Euronext_Paris) June 16, 2017
The chief financial officer of Société Générale, Philippe Heim, had assured in February that ” this is not a financial transaction, but a strategic operation “. The objective was to “give ALD the more operational agility and strategic as possible,” added Frédéric Oudéa during the presentation of the annual results of the bank.
“ALD has all the attributes to become a leader of a mobility market in full mutation with a strong potential for opportunities and growth.” commented the boss of the SocGen in the release, adding : “we are convinced that ALD, building on the success of this major operation and carried by the quality of its teams, is very well positioned to achieve its ambitious objectives. ”
ALD Automotive has already announced last month the signing of an agreement to buy BBVA Autorenting, a subsidiary of the Spanish bank BBVA, as well as the purchase of Merrion Fleet to enter the irish market. In April, the subsidiary of SocGen also announced a partnership with BlaBlaCar on ride sharing and a range of long term rentals for individuals, a field in which she wants to expand beyond the business market.
The company, which employs more than 6,000 people, has a turnover of 7.5 billion euros in 2016 and a net profit group share of euro 512 million (up 20.6%). It aims at an average growth rate of its vehicle fleet by about 8% to 10% per year by 2019 and an increase of approximately 7% of net income. In the first quarter, its net profit has increased by 9.7% to 143.6 million euros.
