(Bloomberg) -- Buyout group Ardian is looking to sell its remaining holding in Planisware SA, profiting from a rally in the French software firm’s shares since its initial public offering earlier in the year.
Ardian intends to sell 3.2 million shares, representing about 4.6% of the company’s issued share capital, for about €85 million ($94 million), according to a term sheet seen by Bloomberg. Citigroup Inc. and BNP Paribas SA are arranging the sale.
Indicated investor demand exceeded the size of the deal shortly after launch on Thursday, according to a bookrunner message seen by Bloomberg.
Planisware’s shares have risen about 70% since the company began trading in Paris in April. The company previously attempted an IPO last year, but pulled the deal citing tough market conditions.
Ardian joins a string of private equity funds trimming positions in publicly traded companies.
Block Trades
The private equity backers of Deliveroo Plc, Galderma Group AG and Moonpig Group Plc sold roughly $1.4 billion of shares earlier this week. That followed $9 billion of private equity-led block trades on European exchanges before the start of September.
Some of these deals have stemmed from recent IPOs that performed well in the aftermarket. Shares in Galderma were up around 50% by the time EQT AB and others launched an accelerated sale on Tuesday.
Triton Partners and Apollo Global Management Inchave previously sold shares in Renk Group AG and Lottomatica Group Spa on the back of higher stock prices.
(Adds book covered in third paragraph, context on block trades)
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