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Jan 26, 2015
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GrandVision owners eye up to 1.3 bln euros from share sale

Jan 26, 2015

AMSTERDAM, Netherlands - The owner of eyewear business GrandVision BV aims to raise up to 1.3 billion euros through an initial public offering of up to 23 percent of its shares, the company said on Monday.

GrandVision, the world's largest optical retailer, has more than 5,600 stores under brands such as Vision Express in 43 countries in Europe, Latin America, the Middle East and Asia.

It is controlled by HAL Trust, the investment vehicle of the Dutch Van der Vorm family, which owns 98 percent of the shares.

Bermuda-based HAL set an indicative price range for the offering of between 17.50 and 21.50 euros, valuing the offering at between 893 million and 1.1 billion euros, or up to 1.3 billion if an over-allotment option is fully exercised.

That would value the company at up to 5.4 billion euros.

Earlier this month, the company's chief executive told Reuters the listing would raise the company's profile with suppliers and customers and help it attract good employees and give it financial flexibility.

GrandVision reported an operating profit of 223 million euros on 2.1 billion in sales for the first nine months of 2014.

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