IPO Archives - Page 4 of 5 - Tyrepress

Posts

IPO for Online Tyre Retailer Oponeo.pl

Polish online tyre and automotive products retailer Oponeo.pl plans to issue up to 4 million new shares in an upcoming IPO and spend the proceeds on boosting working capital and the development of its IT systems, the company’s chief executive Dariusz Topolewski informed a press conference on July 5.

“We want to raise around a dozen million zloty (£2.15 million) in the IPO, maybe more,” Topolewski said. “We will offer up to 4 million new shares to investors.” The company’s equity is currently divided into around 8.676 million shares, and therefore founding shareholders will thus continue to control the business. They have also not ruled out buying more shares in the IPO. Current shareholders have a 12-month lock-up for their shares.

Oponeo.pl achieved net profits of PLN 1 million (£179,000) in 2006, up from PLN 135,000 (£24,000) a year earlier. Total revenue was PLN 29.8 million (£5.3 million), an increase of 70.29 per cent in 2005. The company estimates that it holds at least 60 per cent of Poland’s online tyre sale market and between 1 and 1.5 per cent of the country’s total tyre market.

6th July 2007/by Tyrepress Editors

Siemens Receives Three Bids for VDO Unit, Continues to Favour IPO

(Akron/Tire Review) Siemens AG has received three bids for its automotive unit VDO but continues to favour a public offering, German newspaper Handelsblatt reported, citing company sources. “The IPO is clearly the number one option,” a Siemens spokesman told the newspaper. According to the report, Continental AG and TRW Automotive have submitted a bid. The third bid may have been made by financial investors KKR and Permira, the newspaper said, citing industry sources. All three bidders are now to receive detailed VDO figures for further examination, the report added.

21st June 2007/by Tyrepress Editors

No Plans for Pirelli Tyre IPO – Gobbi

According to Pirelli & C SpA managing director for finance and strategic planning Luciano Gobbi the company has no plans for a separate listing of its Pirelli Tyre unit. These comments were reported by Italian media agency Radiocor, and come from a speech the executive gave in Paris.

“At the moment, the IPO of Pirelli Tyre is not in the programme. We have no evidence of a plan in this direction,” said Gobbi. Recent analyst reports indicate that Pirelli will move to re-acquire the 38.9 per cent Pirelli Tyre stake from Speed, a company set up by six Italian and foreign banks. For this purchase Pirelli will dip into the funds – an estimated 3.3 billion euros – it will receive from selling its stake in Telecom Italia SpA. Gobbi said he expects these funds to arrive between July and October.

In January Tyres & Accessories reported that an IPO of Pirelli Tyre looked likely, based on information that indicated both Speed and Marco Tronchetti Provera were keen to press ahead with plans to list the division.

29th May 2007/by Tyrepress Editors

Siemens AG Prepares For IPO

(Akron/Tire Review) As part of its plans to create an initial public offering (IPO), Siemens AG will re-establish its automotive group as Siemens VDO Automotive AG.

The unit will operate as a standalone corporation but remain a wholly owned subsidiary of Siemens AG.

No date has been set for the actual start of the IPO.

27th March 2007/by Tyrepress Editors

Pirelli Granted New Line of Credit

Pirelli Tyre SpA, Europe’s third-biggest tyremaker, has arranged a line of credit worth 500 million euros (£337 million) in an attempt to improve the company’s financial structure and boost flexibility. The Italian banks NP Paribas and Banca Monte dei Paschi di Siena SpA have been hired as lead arrangers to organise the five-year multi-currency credit line. This new credit line is larger than any previous funding, a reflection of the tyre unit’s increased independence from the greater Pirelli group.

9th January 2007/by Tyrepress Editors

Pirelli Hoping to List Tyre Division

Italian corporate giant Pirelli & Co SpA is reportedly in favour of seeing its tyre division listed on the stock exchange in March or April as trading conditions improve.

Pirelli’s Initial Public Offering (IPO) plans for the tyre division were dropped last year because market conditions were deemed unfavourable at the time, and instead the company agreed to sell a 38.9 per cent stake in the operation to a company controlled by six Italian and foreign banks. Pirelli & C SpA received 740 million euros (£499 million) from the sale of the 38.9 per cent share.
Under the terms of this agreement, Pirelli has an option to buy back the shares if the banks do not conduct an IPO within four and a half years.

5th January 2007/by Tyrepress Editors

Metro Tyres Plans 1 billion-rupees IPO

Metro Tyres plans to hit the capital market with an initial public offering that could raise up to a billion rupees. Sources reported in local newspapers said the company has planned to increase production at its four production facilities in Ludhiana and increase the production of its Metro Continental tyres from 25,000 to 50,000 units per month. This could even reach as much as 100,000 units per month following 10 million rupees of investment. Rummy Chhabra, managing director of Metro Tyres, said that the company has four manufacturing plants in Ludhiana, one in Gurgaon and one in Noida. The company is planning to use the IPO money to build a new facility to manufacture motorcycle, scooter and three-wheeler tyres. The final decision of location of the facility will be taken shortly, the company said in a release.

27th October 2006/by Tyrepress Editors

SRI to Make Sport Equipment IPO

Japanese corporation Sumitomo Rubber Industries will soon take its golf and tennis equipment business to the stock exchange, financial news sources have reported. What the company plans to do with the funds remains unclear. Sumitomo Rubber Industries is currently the sixth largest tyre manufacturer in the world.

15th September 2006/by Tyrepress Editors

Michelin and Pirelli Tie-up Speculation

Various media sources are reporting speculation about Michelin’s intentions towards Pirelli Tyre. The rumours come after Italy’s Finanza & Mercati reported that banker Gerardo Braggiotti was studying the possibility of such a tie-up between the two companies. However, French tyre group Michelin had no comment to make about the Italian newspaper reports, according to Reuters. A source close to the bank involved reportedly told Reuters the story was “completely without foundation.”

17th August 2006/by Tyrepress Editors

Pirelli Talking to Banks About Tyre Unit Deal

(Akron/Tire Review) AFX is reporting that Pirelli SpA is in discussions with several banks to consider options “to enhance the value” of its tyre operations.

18th July 2006/by Tyrepress Editors

Banks Interested in Pirelli Tyre – Reports

(Akron/Tire Review) AFX has reported that a group of seven banks that had helped manage Pirelli SpA’s failed tyre group IPO are in talks to buy a 35 per cent share in Pirelli Tyre. According to the report, the banks are Mediobanca SpA, Goldman Sachs, Banca Intesa SpA unit Caboto, Capitalia SpA, JP Morgan, Merrill Lynch, and Morgan Stanley. Pirelli SpA offered no comment to Italian news source AGI concerning the speculation.

12th July 2006/by Tyrepress Editors

Banks Abandon Pirelli IPO at Last Minute

Banks advising Pirelli Tyre on its initial public offering withdrew the company from floatation at the last minute (30 June). The state of the Italian floatation market was blamed for the decision. Pirelli Tyre had been scheduled to make its debut on the Milan stock exchange on Wednesday 5th July, and was valued at between 1.9 and 2.3 billion euros.

3rd July 2006/by Tyrepress Editors

Pirelli Announces IPO Date, Sells Inter Milan Shares

The Board of Directors of Pirelli & C. S.p.A has announced it will begin its initial public offering for Pirelli Tyre S.p.A on 21 June. Pirelli Tyre S.p.A. gained Borsa Italiana approval for the listing on 12 June 2006. Banca Caboto, Capitalia, Goldman Sachs International, J.P. Morgan Securities, Mediobanca, Merrill Lynch International and Morgan Stanley, will act as Global Coordinators for the Global Offering.

16th June 2006/by Tyrepress Editors

Pirelli Readies IPO Plans

(Akron/Tire Review) Pirelli SpA has cleared a key hurdle in its quest to issue stock for its tyre group. Milan’s bourse cleared the listing of shares in Pirelli Tyre, but no timetable for the possible listing was given. Regulator Consob must still approve the IPO. Mediobanca SpA and Banca Akros SpA have been retained by Pirelli to handle the potential IPO.

14th June 2006/by Tyrepress Editors

Pirelli IPO Could Raise a Billion Euros

The floatation of Pirelli & C. SpA’s tyre unit could raise as much as 1 billion euros two inside sources told Bloomberg. According to the report Pirelli is seeking to take advantage of increasing profit at Pirelli Tyre SpA and plans to sell as much as 40 per cent of the division in the IPO. The shares are scheduled to go on sale during the week beginning 12 June said the sources.

1st June 2006/by Tyrepress Editors