(Corrects fifth paragraph to read “Acek holding company” instead of “Acek family”)
* IPO to value Gestamp at around 3.7 bln euros
* Parts maker plans to float up to quarter of shares
* Riberas family to remain Gestamp’s core shareholder
By Paul Day
MADRID, March 13 (Reuters) - Spanish car parts maker Gestamp IPO-GEAU.MC is planning an initial public offering (IPO) valuing it at about 3.7 billion euros ($3.9 billion) in what would be one of the biggest European stock market listings so far this year.
Gestamp supplies parts for more than 800 models of cars for manufacturers including Volkswagen and Renault and has 98 plants worldwide and more than 36,000 workers.
The planned initial public offering is the third Spanish stock market listing announced this year after Prosegur IPO-PROS.MC said it would float its cash-in-transit subsidiary and house builder Neinor Homes said it would list up to 60 percent of its share capital.
Gestamp’s valuation is based on the sale of 12.5 percent to Japan’s Mitsui for 467 million euros, which was adjusted on Monday from an original value of 416 million euros. The components maker said it plans to float up to quarter of its shares.
Gestamp is controlled by the Riberas family through its Acek holding company and Risteel subsidiary. The listing will consist of the sale of some of Acek and Risteel’s shares to international institutional investors and the Riberas family will remain the company’s core shareholder, Gestamp said on Monday.
The shares will be listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges in the second half of the year.
The listing prospectus is currently being reviewed by the market regulator CNMV, Gestamp said in a statement confirming its intention to list first announced in October.
JP Morgan Securities, Morgan Stanley and UBS will coordinate the IPO, in which Banco Santander, Deutsche Bank, Societe Generale, BBVA , BNP Paribas and Caixabank will also participate.
Gestamp, formed in 1997 from the integration of several small companies that stamped automobile parts out of sheet metal, reported a rise in net profit of 37.1 percent from a year earlier in 2016 to 221 million euros. Its core profit (EBITDA) rose 10.6 percent from a year earlier to 841 million euros. ($1 = 0.9379 euros) (Editing by Sonya Dowsett and Alexander Smith)