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French second-hand car group Aramis prices IPO at 23-28 euros/share

By Reuters

PARIS – French second-hand car group Aramis, which is majority-owned by Stellantis, on Tuesday priced its planned initial public offering on the stock market at between 23-28 euros per share.

Aramis said it hoped to raise between 446-481 million euros ($543-$586 million) as a result of the overall IPO transaction.

“Our ambition is to become the preferred digital platform in Europe to buy a used car,” said company founders Nicolas Chartier and Guillaume Paoli in a joint statement.

“This IPO is an important step for Aramis Group, allowing us to pursue our strategy of rapid growth in our existing markets and conduct acquisitions in new European countries, as we have done successfully since 2017,” they said.

Aramis’ stock market debut comes after German used-car trading platform AUTO1 listed in Frankfurt earlier this year, raising 1 billion euros and valuing the group at about 7.9 billion euros on its debut.

Several companies have been looking to take advantage of resilient global equity market conditions by listing on the stock market, although there has been some evidence of cooling sentiment of late.

Earlier this month French car parts distributor Parts Holding Europe (PHE) scrapped its Paris initial public offering, citing unfavourable market conditions.

($1 = 0.8212 euros)