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French credit insurer Coface launches $1 billion IPO 

June 16, 2014
Maya Nikolaeva, Reuters

French credit insurer Coface launched an initial public offering (IPO) worth up to 895 million euros ($1.2 billion) on Monday as its owner Natixis seeks to reduce it exposure to the sector.

Coface is fully owned by French investment bank Natixis, and the stock market listing on Euronext in Paris is part of its plan to gradually dispose of its stake and focus on wholesale banking, asset management and specialised financial services.

Natixis is selling more than 50 percent of Coface shares, at 9.6 to 11.2 euros per share. The offer values the credit insurer at about 1.6 billion euros based on a median share price of 10.4 euros, according to Reuters calculations.

Read more: Reuters


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