Spanish health and diet products maker Naturhouse has revived plans to list on the stock market in a sale that will value the firm at up to 360 million euros ($388 million), the latest in a series of flotations in the country.
Naturhouse, which postponed plans for an initial public offering (IPO) last October, said in a prospectus that it would sell between 25 percent and 27.5 percent of the company, depending on whether an option to sell extra stock is exercised.
Spain has seem a revival of listings in recent months, coinciding with a stronger economic recovery. The flotation of airports group Aena in February was Europe's largest IPO in nearly four years.
Spanish train manufacturer Talgo is aiming for a stock market debut in May and infrastructure group Abertis is also among those making the most of a firmer market backdrop to list its Cellnex Telecom unit.
Naturhouse, which operates in 24 countries and relies mainly on a franchise model, had put off its IPO last year when market conditions were choppier, a source close to the deal said at the time.
It said in its prospectus that it would sell up to 16.5 million shares, including the greenshoe option. A preliminary price range of between 4.8 euros and 6 euros has been set for the listing, with final pricing due by April 22.
It will not issue new shares, selling those belonging to its owner the Kiluva group, a holding company controlled by a Spanish family and with stakes in other cosmetics and diet firms. Naturhouse said it aimed to maintain a dividend payout ratio of a least 80 percent of profits.
As opposed to some recent Spanish IPOs, including that of Aena, shares will not be aimed at retail investors and only at institutional buyers. Santander and Societe Generale will be the global coordinators of the sale, while Caixabank will also act as a underwriter, Naturhouse said.
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