Dutch optics concern GrandVision launches 1bn-euro IPO

6th February 2015, Comments 0 comments

Dutch optical company GrandVision, which operates 33 chains of optical stores globally, listed its on the Amsterdam stock exchange on Friday, aiming to raise around one billion euros in an initial public offering.

The listing by the Schiphol-based group operates more than 5,600 optics stores in 43 countries including Vision Express in Britain and India, and MasVision in Spain and Mexico.

"The total size of the offering amounts to about 1.0 billion euros," ($1.14 billion) GrandVision said in a statement.

Its majority shareholder, HAL Holding NV, offered 51 million shares for sale at an inital price of 20 euros per share, before an over-allotment option, which gives GrandVision and estimated market value of 5.0 billion euros, the group added.

If used within the next 30 days, the over-allotment option will free an additional 7.65 million shares, representing a 23.0 percent stake in GrandVision, it said.

Monaco and Curacao-based investment firm HAL will keep a majority 75.6 percent share in GrandVision and "intends to remain a significant long-term shareholder," the statement said.

GrandVision's shareprice climbed by 2.50 percent to 20.51 euros in mid-morning trade on Amsterdam's Euronext on Friday.

Chief executive Theo Kiesselbach said sales have increased more than 50-fold since its creation in 1996, with part of that growth attributed to making acquisitions every year, Bloomberg news agency reported.

GrandVision employs more than 25,000 people world-wide and reported a turnover of 2.6 billion euros in revenue in 2013.

© 2015 AFP

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