(Bloomberg) -- Bakery firm Europastry SA announced plans for an initial public offering in Spain almost three months after market volatility halted an earlier attempt to go public.
The offering will consist of new shares to raise around €210 million ($234 million) and shares sold by existing stakeholders, including the founding Galles family and buyout group MCH Private Equity, the company said in its prospectus on Thursday.
Europastry plans to list shares at stock exchanges in Barcelona, Madrid, Bilbao and Valencia by Oct. 10, it said, confirming an earlier report by Bloomberg News.
The shares are being marketed at €15.85 to €18.75 apiece. At the top of the range, Europastry would have a market capitalization of €1.51 billion, according to a term sheet seen by Bloomberg News.
Criteria Caixa SA, Spain’s largest investment holding company, committed to take up a 5% stake in the company through the IPO, according to the prospectus. Such a move is in-line with Criteria Caixa’s strategy in backing companies from Catalonia when they seek public listings. Europastry is based in Barcelona, the Catalan capital.
Political Turmoil
Europastry halted plans for a first-time share sale in June after political turmoil in France roiled markets across Europe. IPO-activity in the market has since recommenced, with academic publisher Springer Nature’s first-time share sale currently underway in Frankfurt.
Beauty products maker Puig Brands SA, another family-run, Barcelona-based company, raised almost $3 billion in Europe’s biggest IPO this year.
The bulk of Europastry’s business is making partially baked breads and pastries, such as croissants, that it distributes frozen to clients such as supermarkets and bakers. Clients include Starbucks Corp., Dunkin’ and Pret a Manger. The company has 27 production plants in Spain, Portugal, the Netherlands, Romania, the US and Mexico. It put its listing plans on hold earlier this year amid volatile market conditions.
(Updates in fourth paragraph with valuation based on terms.)
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