ALD Automotive has registered its intention with the French markets regulator AMF (Autorité des Marchés Financiers) as the first step in the Initial Public Offering (IPO) process.

ALD Automotive has taken the first step in the Initial Public Offering (IPO) process.

The news was reported by Reuters, which says it’s received word that parent firm Société Générale along with JP Morgan and Credit Suisse are appointed as global coordinators.

Reuters added that its sources say the business could be valued at between 6 billion euros and 9 billion euros in the IPO and that Société Générale plans to sell a 20-25% stake in ALD.

The plans to float the company were announced by Société Générale earlier this year, with the banking giant saying it would dispose of a limited stake of the wholly owned subsidiary to “enable ALD to accelerate its growth and become a leader in the mobility sector”.

ALD – which did not comment on the news – manages nearly 1.4 million vehicles with a geographical coverage spanning 41 countries.

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