January 15, 2019 / 9:55 AM / 6 months ago

French logistics company Gefco hires banks to start IPO process

MOSCOW/PARIS, Jan 15 (Reuters) - Logistics company Gefco IPO-GEFC.PA, which is controlled by Russian Railways (RZhD), has hired several leading investment banks to start the process for its possible stock market flotation, sources told Reuters.

The banks in the process are Societe Generale, JP Morgan, Citigroup, UBS and Credit Suisse.

A spokesman for Gefco declined to comment on the matter, while Russian Railways also declined comment. SocGen and JP Morgan had no immediate comment.

One source told Reuters that bankers had already started meeting investors about Gefco's IPO (initial public offering).

"The deal is on the market," said the banking source.

Gefco, whose main business is servicing the car industry, is a former subsidiary of France's PSA Group. The French carmaker sold 75 percent of the company to Russian Railways in 2012 for 800 million euros ($915 million).

Last year, Russian Railways said it aimed to cut its stake in Gefco to 40 percent by 2020 but also planned to retain control of the company.

$1 = 0.8745 euros Reporting by Olga Popova, Oksana Kobzeva and Gleb Stolyarov in Moscow; Additional reporting by Inti Landauro and Arno Schuetze; Editing by Sudip Kar-Gupta and Louise Heavens

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