Amundi is offering its employees and pension fund members €32 million worth of shares as the fund management firm today begins its initial public offering (IPO) in the run up to a floatation on Euronext Paris.
Amundi is making the offer of 952,380 shares to employees in 12 countries, including those in Austria, Czech Republic, Luxembourg, Hong Kong and the US. They can purchase the shares at a 20% discount to the offering price range, meaning the shares will sell at between €33.60 and €42 each.
Societe Generale, one of Amundi’s major shareholders along with Credit Suisse, is triggering the IPO by selling its 20% stake in the Paris-based asset manager. The sale will earn the French bank €1.4 billion if shares are sold at the lower indicative price range.
The total number shares being sold is 33,358,336 and the price range is between €42 and €52.50.
Credit Agricole is also to sell some of its shares to an affiliate of Agricultural Bank of China. The sale of ordinary shares will not be for more than 2% of the total share capital. The purchaser is Faithful Way Investment, which is a special purpose affiliate of ABC International Holdings, a professional platform through which Agricultural Bank of China provides investment banking services.
Amundi, which manages about €954 billion, says the main objective of the floatation is to allow Societe Generale to access liquidity and also for Amundi to increase the group’s visibility, access a new source of financing, and increase its strategic and financial flexibility in order to support its development.
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