Balta: shares fall in first trading after offering.
(CercleFinance.com) - Shares in Belgian soft flooring maker Balta Group fell nearly 7 per cent on Wednesday, the stock's first trading day after a 204-million-euro offering.
Shares in Balta were trading at 12.3 euros in early-afternoon trading on the Brussels market, below the listing price of 13.25 euros a share.
The firm had an initial market capitalisation of 476.2 million euros before opening.
The proceeds of the IPO will be used to reduce the company's leverage by redeeming existing debt.
Balta — which makes woven area rugs amongst other things — employs over 3,600 people in 9 manufacturing sites and in distribution centres in Belgium, Turkey and the United States.
With the addition of Bentley, the group's turnover reached 668 million euros in 2016.
The transaction was the largest IPO on Euronext Brussels since 2014.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Shares in Balta were trading at 12.3 euros in early-afternoon trading on the Brussels market, below the listing price of 13.25 euros a share.
The firm had an initial market capitalisation of 476.2 million euros before opening.
The proceeds of the IPO will be used to reduce the company's leverage by redeeming existing debt.
Balta — which makes woven area rugs amongst other things — employs over 3,600 people in 9 manufacturing sites and in distribution centres in Belgium, Turkey and the United States.
With the addition of Bentley, the group's turnover reached 668 million euros in 2016.
The transaction was the largest IPO on Euronext Brussels since 2014.
Copyright (c) 2017 CercleFinance.com. All rights reserved.