European financial markets operator Euronext has unveiled plans to raise up to 1.16 billion euros in an initial public of shares.
The IPO will launch on June 20 with an expected share price of 19 to 25 euros. That would value the company at 1.75 billion euros.
It also forecast a return to revenue growth over the next three years in its operations of equity, fixed-income and derivatives markets in Paris, Amsterdam, Brussels and Lisbon..
IntercontinentalExchange acquired NYSE Euronext in an $11 billion euro deal deal last year. At that time the US exchanges group committed to spinning off Euronext.
A group of European institutional investors will take a one third stake to address local regulators’ concerns that it could be snapped up by another foreign firm.
In addition, French utility GDF Suez and Belgian lender KBC Bank have agreed to take a stake of about 1.0 percent each in Euronext.
“We’re delighted to have these ‘reference shareholders’, it’s a great sign of confidence, it’s great for the prospects of Euronext,” Chief Executive Dominique Cerutti told reporters at a news conference.
Euronext, which mostly competes with the London Stock Exchange Group, Deutsche Boerse and BATS Chi-X Europe, said it aims to diversify its products, expanding its range of derivatives and exchange-traded funds, and regain market share in Europe’s recovering IPO market.
Britain’s financial regulator recently gave it the go-ahead to operate as a full exchange in the UK.