UPDATE 1-French retailer Casino given a lift by Cnova listing plan

lunes 3 de noviembre de 2014 09:36 GYT
 

* Cnova to raise up to $375 mln in U.S. share sale

* Float values Cnova at more than 4 bln euros

* Casino shares up nearly 2.3 pct in Paris, outperform sector (Adds detail, analyst comment, valuations)

By Dominique Vidalon

PARIS, Nov 3 (Reuters) - Shares in French retailer Casino rose more than 2 percent after its e-commerce business Cnova unveiled plans to raise as much as $375 million in a U.S. stock market listing to fund international expansion and innovation.

The move comes after an active several months for e-commerce initial public offerings (IPOs), culminating in the bumper New York flotation of China's Alibaba in September.

More recently, however, a lacklustre stock market debut by Europe's largest online fashion retailer Zalando in Frankfurt dented the tech euphoria and investors have been anxious to hear whether Casino would proceed with plans to list the business on Nasdaq.

The picture has been muddied further by recent trading updates, with online giant Amazon.com last month announcing fourth-quarter sales projections that disappointed Wall Street, while Casino said that its third-quarter sales growth slowed sharply, reflecting a slowdown in Brazil, its biggest market.

CM-CIC analysts, however, were encouraged by Cnova's IPO announcement in a regulatory filing on Friday that said the business would offer 26.8 million shares, equating to 6 or 7 percent of its capital, at between $12.50 and $14 a share to raise $335-375.2 million. Underwriters have the option to buy an additional 4 million shares to cover overallotments.   Continuación...