On June 15, the carve-out IPO of ALD from parent Societe Generale was successfully completed, raising $1.3bn for the bank, in what is the nation’s largest carve-out IPO in 3 years, when Coface was spun off from NATIXIS for $1.3bn in 2014. The deal is also France’s largest IPO since Amundi Group went public in November 2015.
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Transaction Details
Issuer: ALD
Nationality: France
Industry: Finance
Deal Value ($m): $1,298
Deal Type: IPO, carve-out from Societe Generale
Bookrunners: Credit Suisse, JPMorgan, SG Corporate & Investment Banking, Bank of America Merrill Lynch, Barclays, Citi, Deutsche Bank, and HSBC
Key Points
- Largest carve-out IPO in France since Coface’s $1.3bn offering in June 2014, and the country’s fourth largest on record
- France’s largest IPO since Amundi Group’s $1.8bn listing in November 2015
- Second largest IPO in EMEA so far this year, behind Galenica Sante’s $1.9bn IPO in Switzerland in April
- EMEA IPO volume of $18.0bn so far this year is only up slightly year-on-year ($17.4bn in 2016 YTD) and accounts for 23.4% of global IPO volume – the lowest share in 4 years (19.3% in 2013 YTD). Meanwhile, the Americas has gained market share with 35.6% of global volume, the highest level since 2013 YTD (51.3%)
Top 5 French carve-out IPOs on record
- Vivendi Environment, $2.3bn | IPO | Carve-out parent: Vivendi | Jul 2000
- CFAO, $1.4bn | IPO | Carve-out parent: PPR | Dec 2009
- Coface, $1.3bn | IPO | Carve-out parent: NATIXIS | Jun 2014
- ALD, $1.3bn | IPO | Carve-out parent: Societe Generale | Jun 2017
- Worldline, $870m | IPO | Carve-out parent: Atos | Jun 2014
3 most recent French IPOs more than $1bn
- ALD, $1.3bn | France | Finance | June 2017
- Amundi Group, $1.8bn | France | Finance | Nov 2015
- Europcar Groupe, $1.0bn | France | Transportation | Jun 2015
Top 3 EMEA IPOs in 2017 YTD
- Galenica Sante, $1.9bn | Switzerland | Apr 2017
- ALD, $1.3bn | France | Jun 2017
- Gestamp Automocion, $935m | Spain | Apr 2017
Source: Dealogic as of June 15, 2017