Société Générale is to sell up to 23% of its ALD Automotive subsidiary in an initial public offering (IPO) this month, potentially raising as much as 1.6 billion euros.

Societe Generale is to sell up to 23% of its ALD Automotive subsidiary.

Reported by Reuters, the IPO – which is France’s biggest in more than 18 months – is intended to accelerate development of ALD.

The indicative price range for the French retail offering and the international offering is between €14.20 and €17.40 per share, with pricing to be confirmed on 15 June. The initial offering consists of 80,820,728 existing shares, which may be increased to a maximum of 92,943,837 shares in the event of the exercise in full of the overallotment option.

Assuming the exercise in full of the overallotment option, the total size of the global offering is between approximately 1.32 billion euros and 1.62 billion euros.

ALD’s shares are expected to start trading on the regulated market of Euronext Paris on 16 June 2017 on an as-if-and-when-delivered basis.