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French car parts distributor PHE plans $546 million listing in Paris

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(Corrects to clarify company descriptor in paragraph 2)

(Reuters) -Auto spare parts distributor Parts Holding Europe (PHE) said on Tuesday it was planning a 450 million euros ($546.21 million) initial public offering (IPO) on Euronext Paris to pay down its debt.

The owner of Autodistribution and e-commerce brand Oscaro, operating in Western Europe, said the French financial markets authority has approved its registration document, a first step for its stock market listing in Paris.

PHE, also known as Autodis, had suspended its IPO plans in 2018 due to a “cautious” market environment. (https://reut.rs/2Q6n3xc)

The company said on Tuesday it was targeting revenues between 1.85 billion euros and 1.95 billion euros this year.

($1 = 0.8239 euros)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Rashmi Aich)

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